Hello dear friends!
Gold prices today continue their sideways movement and stable trading around the $2030 level.
Gold advanced to the $2040 area in the latter part of Thursday but lost momentum. Despite the recent weakness of the US dollar, the rise in US bond yields has limited the upward momentum of XAU/USD as market focus shifted to the November employment report on Friday.
Technical indicators are starting to flatten out, providing support for gold. On the 4-hour chart, technical indicators are moving sideways around the midlines, not showing a clear trend. On the upside, immediate resistance is at $2040, and a breakout above that level could lead to a test of the next level at $2050. On the other hand, for gold to continue its losses, it will need to slide and maintain below the $2020 level.
Gold prices today continue their sideways movement and stable trading around the $2030 level.
Gold advanced to the $2040 area in the latter part of Thursday but lost momentum. Despite the recent weakness of the US dollar, the rise in US bond yields has limited the upward momentum of XAU/USD as market focus shifted to the November employment report on Friday.
Technical indicators are starting to flatten out, providing support for gold. On the 4-hour chart, technical indicators are moving sideways around the midlines, not showing a clear trend. On the upside, immediate resistance is at $2040, and a breakout above that level could lead to a test of the next level at $2050. On the other hand, for gold to continue its losses, it will need to slide and maintain below the $2020 level.
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