Gold's Consolidation Continues with Limited Momentum
The daily XAU/USD chart shows a slight uptick as it finds buyers around the 20-day Simple Moving Average (SMA) for the second consecutive day, indicating a lack of clear directional strength. The convergence of SMA 100 and 200 around $1,950 without a distinct slope suggests a stagnant market. Technical indicators remain neutral, with the RSI moving sideways and Momentum showing a slight downward trend. Overall, the potential for a price decline seems constrained as long as the precious metal holds its ground near $2,030.
In the short term, the 4-hour chart depicts a neutral stance. XAU/USD trades below the declining SMA 20 but above the sideways-moving SMA 100. Technical indicators remain in negative territory but display a slight upward turn, hinting at a potential advantage for buyers.
Support Levels: $2,031.00, $2,015.50, $1,998.65
Resistance Levels: $2,040.20, $2,052.30, $2,065.45
In the short term, the 4-hour chart depicts a neutral stance. XAU/USD trades below the declining SMA 20 but above the sideways-moving SMA 100. Technical indicators remain in negative territory but display a slight upward turn, hinting at a potential advantage for buyers.
Support Levels: $2,031.00, $2,015.50, $1,998.65
Resistance Levels: $2,040.20, $2,052.30, $2,065.45
