The spot gold price saw an early decline from the week's opening level, slipping from $1,933 on Monday to $1,908 during the early Monday trading session before mounting a recovery. This revival in investor sentiment coincided with broader market dynamics.
On the daily XAU/USD chart, the precious metal started the week near the upper end of its range but struggled to maintain momentum. The pair is currently contending with a slight dip below the 100-day Simple Moving Average (SMA) while the 200-day SMA acts as a significant resistance level from the previous week. Meanwhile, the 20-day SMA lost directional strength and converged with the 50% Fibonacci retracement level of the recent daily downtrend at $1,878.60. Technical indicators remain generally positive but have turned slightly lower, in line with the intraday pullback.
In the short term, on the 4-hour chart, XAU/USD continues its upward trajectory after adjusting from overbought conditions. Technical indicators have flattened out after retreating from extreme levels, but there are no clear signs of a bullish exhaustion. Simultaneously, the pair trades above all of its moving averages, with the 20 SMA pointing northward nearly vertically, surpassing the flat 100 SMA, and inching closer to the 200 SMA.
Support Levels: $1,904.70, $1,895.00, $1,878.60.
Resistance Levels: $1,932.60, $1,947.40, $1,961.85.
On the daily XAU/USD chart, the precious metal started the week near the upper end of its range but struggled to maintain momentum. The pair is currently contending with a slight dip below the 100-day Simple Moving Average (SMA) while the 200-day SMA acts as a significant resistance level from the previous week. Meanwhile, the 20-day SMA lost directional strength and converged with the 50% Fibonacci retracement level of the recent daily downtrend at $1,878.60. Technical indicators remain generally positive but have turned slightly lower, in line with the intraday pullback.
In the short term, on the 4-hour chart, XAU/USD continues its upward trajectory after adjusting from overbought conditions. Technical indicators have flattened out after retreating from extreme levels, but there are no clear signs of a bullish exhaustion. Simultaneously, the pair trades above all of its moving averages, with the 20 SMA pointing northward nearly vertically, surpassing the flat 100 SMA, and inching closer to the 200 SMA.
Support Levels: $1,904.70, $1,895.00, $1,878.60.
Resistance Levels: $1,932.60, $1,947.40, $1,961.85.
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