Gold Shows Modest Gain Following US Economic Data Announcement
Gold prices edged modestly higher in North American trading on Thursday, rising over 0.5% after crucial economic data from the United States (US) was released. Gold is trading above the $2,330 level after rebounding from the daily low of $2,305 during Friday's Asian trading session.
However, on the 4-hour chart, the downtrend is still supported, albeit showing signs of slight recovery. The price seems to be losing upward momentum despite touching the SMA 100 line. Additionally, the Relative Strength Index (RSI) is still trading below the 50 level, indicating a lack of clear directional strength.
However, on the 4-hour chart, the downtrend is still supported, albeit showing signs of slight recovery. The price seems to be losing upward momentum despite touching the SMA 100 line. Additionally, the Relative Strength Index (RSI) is still trading below the 50 level, indicating a lack of clear directional strength.
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