Gold is developing below its 20-day simple moving average (SMA), which is providing dynamic resistance around $2,040. Meanwhile, the gently rising 100-day SMA is crossing above the flat 200-day SMA, both situated around $1,960. Finally, technical indicators are mildly decreasing in neutral territory, not enough to confirm another leg down.
The near-term picture tilts risks to the downside as the XAU/USD pair develops below all its moving averages. Moreover, the declining 20-day SMA is cutting below the 200-day SMA, while the 100-day SMA remains directionless above them. At the same time, the Momentum oscillator fluctuates around its 100-line, while the Relative Strength Index (RSI) is gathering downside traction in negative territory, supporting another push towards the weekly low at $2,016.61.
Support Levels: $2,016.60 $1,998.65 $1,987.20
Resistance Levels: $2,040.30 $2,052.30 $2,065.45
The near-term picture tilts risks to the downside as the XAU/USD pair develops below all its moving averages. Moreover, the declining 20-day SMA is cutting below the 200-day SMA, while the 100-day SMA remains directionless above them. At the same time, the Momentum oscillator fluctuates around its 100-line, while the Relative Strength Index (RSI) is gathering downside traction in negative territory, supporting another push towards the weekly low at $2,016.61.
Support Levels: $2,016.60 $1,998.65 $1,987.20
Resistance Levels: $2,040.30 $2,052.30 $2,065.45
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