The rapid decline in gold during Wednesday's trading session saw XAU/USD slip back from the $2,000 threshold to test $1,990, falling below the 50-hour Simple Moving Average (SMA).
Despite the pullback on Wednesday, gold continues to advance, with XAU/USD up over 3% from the recent low near the 200-day SMA at around $1,931. The $2,000 level proves to be a technical barrier, and the short-term trading range of spot gold will be determined by whether the 200-day SMA can provide support for any declines towards $1,940.
Despite the pullback on Wednesday, gold continues to advance, with XAU/USD up over 3% from the recent low near the 200-day SMA at around $1,931. The $2,000 level proves to be a technical barrier, and the short-term trading range of spot gold will be determined by whether the 200-day SMA can provide support for any declines towards $1,940.
