Gold price remains depressed after snapping three-day uptrend the previous day.. The bright metal remains down for the second consecutive day in the last five as the US Dollar traces upbeat Treasury bond yields to pare the week-start losses ahead of the key United States data.
The daily chart for XAU/USD suggests it may continue advancing in the upcoming sessions as the metal develops above bullish moving averages. Technical indicators have lost their bullish strength but consolidate near overbought readings without signs of upward exhaustion. Moreover, XAU/USD keeps trading above the $1,900 level, also holding above the 61.8% retracement of its latest daily decline between $1,959.75 and $1,804.70 at $1,900.30, maintaining the risk skewed to the upside.
Bulls dominate the near term, according to technical readings in the 4-hour chart. The 20 SMA heads north almost vertically after crossing above the longer ones. At the same time, the Momentum indicator steadies near its weekly high, while the Relative Strength Index (RSI) indicator corrected extreme readings, but it is slowly rotating north within overbought levels. The pair still needs to clear a static resistance level at $1,918.60 to confirm another leg higher in the upcoming sessions, towards the high posted in early February at $1,959.75.
Support levels: 1,900.00 1,893.15 1,888.00
Resistance levels: 1,918.60 1,929.50 1,952.30
sell 1930-1933
Stop loss: 1936
Take profit 1: 1920
Take profit 2:1925
Take profit 3: 1910
buy 1900 - 1901
Stop loss: 1898
Take profit 1: 1915
Take profit 2:1920
Take profit 3: 1925
Note: Always set TP and SL in all trading cases
The daily chart for XAU/USD suggests it may continue advancing in the upcoming sessions as the metal develops above bullish moving averages. Technical indicators have lost their bullish strength but consolidate near overbought readings without signs of upward exhaustion. Moreover, XAU/USD keeps trading above the $1,900 level, also holding above the 61.8% retracement of its latest daily decline between $1,959.75 and $1,804.70 at $1,900.30, maintaining the risk skewed to the upside.
Bulls dominate the near term, according to technical readings in the 4-hour chart. The 20 SMA heads north almost vertically after crossing above the longer ones. At the same time, the Momentum indicator steadies near its weekly high, while the Relative Strength Index (RSI) indicator corrected extreme readings, but it is slowly rotating north within overbought levels. The pair still needs to clear a static resistance level at $1,918.60 to confirm another leg higher in the upcoming sessions, towards the high posted in early February at $1,959.75.
Support levels: 1,900.00 1,893.15 1,888.00
Resistance levels: 1,918.60 1,929.50 1,952.30
sell 1930-1933
Stop loss: 1936
Take profit 1: 1920
Take profit 2:1925
Take profit 3: 1910
buy 1900 - 1901
Stop loss: 1898
Take profit 1: 1915
Take profit 2:1920
Take profit 3: 1925
Note: Always set TP and SL in all trading cases
