XAU/USD drops sharply below $1,960 as USD Index extends recovery
XAU/USD not-exiting from the consolidation might be start dropping again and start focusing on new resistance it might be possible as per my prediction and opnion.
Technical Analysis:
Gold price is consoliding in a range of $1,932-1,985 for the past three weeks on a four hour. The precious metal is struggling in delivering a decisive move amid ab adsence of potential trigger. Broadly,horizontal support is plotted from March 15 high at $1937. The magical 200-period Exponential Moving Average(EMA) at 1975 is acting as a strong barrier for the Gold bulls.
An oscillation in the 40.00-60.00 terrirtory by the Relative Strength Index(RSI) (14) indidactes a non-directional performance.
XAU/USD not-exiting from the consolidation might be start dropping again and start focusing on new resistance it might be possible as per my prediction and opnion.
Technical Analysis:
Gold price is consoliding in a range of $1,932-1,985 for the past three weeks on a four hour. The precious metal is struggling in delivering a decisive move amid ab adsence of potential trigger. Broadly,horizontal support is plotted from March 15 high at $1937. The magical 200-period Exponential Moving Average(EMA) at 1975 is acting as a strong barrier for the Gold bulls.
An oscillation in the 40.00-60.00 terrirtory by the Relative Strength Index(RSI) (14) indidactes a non-directional performance.