Gold prices have recently consolidated their upward momentum, reaching $1,971 in early Wednesday's Asian session. Weakening-than-expected US inflation and a decline in US Treasury bond yields have fueled demand for the precious metal. Additionally, escalating geopolitical tensions are driving a safe-haven rush.
The daily chart for XAU/USD illustrates a sharp price increase, testing the 20-day Simple Moving Average (SMA). However, it encountered resistance around that average and experienced a slight pullback. If consolidation occurs above the $1,970 level, it could indicate further strength, as the price remains above other significant SMAs, providing crucial support from $1,933 to $1,925. A decline below this level would suggest further weakness ahead.
In the short term, the chart supports the upward trend, although the upward momentum has somewhat diminished. The price remains significantly higher than the 20-day SMA, poised for a potential upward reversal. Immediate support is at $1,956, while a drop below $1,947 would shift the trend to neutral/bearish. On the upside, as long as XAU/USD stays above $1,957, it may rise to test recent highs. Breaking above $1,975 would indicate an acceleration towards $1,980 and beyond.
Support Levels: $1,956, $1,943, $1,933
Resistance Levels: $1,971, $1,982, $1,993
The daily chart for XAU/USD illustrates a sharp price increase, testing the 20-day Simple Moving Average (SMA). However, it encountered resistance around that average and experienced a slight pullback. If consolidation occurs above the $1,970 level, it could indicate further strength, as the price remains above other significant SMAs, providing crucial support from $1,933 to $1,925. A decline below this level would suggest further weakness ahead.
In the short term, the chart supports the upward trend, although the upward momentum has somewhat diminished. The price remains significantly higher than the 20-day SMA, poised for a potential upward reversal. Immediate support is at $1,956, while a drop below $1,947 would shift the trend to neutral/bearish. On the upside, as long as XAU/USD stays above $1,957, it may rise to test recent highs. Breaking above $1,975 would indicate an acceleration towards $1,980 and beyond.
Support Levels: $1,956, $1,943, $1,933
Resistance Levels: $1,971, $1,982, $1,993
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