Gold gained traction and advanced toward $2,160 after spending the first half of the day in a tight channel near $2,150. With the benchmark 10-year US T-bond yield rising above 4.3% in the session, however, XAU/USD struggles to gather bullish momentum.
The daily chart shows XAU/USD met buyers around the 23.6% Fibonacci retracement of the bullish run, which measured between $1,984.03 and $2,195.22 at $2,145.17. The same chart shows technical indicators have turned flat around overbought levels after correcting extreme readings, suggesting sellers have no say. At the same time, moving averages develop far below the current level, with the 20 Simple Moving Average (SMA) heading north almost vertically far above the longer ones.
According to the 4-hour chart, the bullish potential seems limited in the near term. XAU/USD is meeting sellers at around a flat 20 SMA, although the longer moving averages head firmly north, far below the current level. Technical indicators, in the meantime, lack directional strength within neutral levels.
Support levels: 2,163.40 2,176.50 2,195
Resistance levels: 2,145.10 2,134.70 2,119.94
Gold now buy 2160
Target 2165
Target 2170
Target 2175
Target 2180
SL 2140
The daily chart shows XAU/USD met buyers around the 23.6% Fibonacci retracement of the bullish run, which measured between $1,984.03 and $2,195.22 at $2,145.17. The same chart shows technical indicators have turned flat around overbought levels after correcting extreme readings, suggesting sellers have no say. At the same time, moving averages develop far below the current level, with the 20 Simple Moving Average (SMA) heading north almost vertically far above the longer ones.
According to the 4-hour chart, the bullish potential seems limited in the near term. XAU/USD is meeting sellers at around a flat 20 SMA, although the longer moving averages head firmly north, far below the current level. Technical indicators, in the meantime, lack directional strength within neutral levels.
Support levels: 2,163.40 2,176.50 2,195
Resistance levels: 2,145.10 2,134.70 2,119.94
Gold now buy 2160
Target 2165
Target 2170
Target 2175
Target 2180
SL 2140