Gold is consolidating recent losses in early Thursday's Asian trading session, facing resistance at $1,975 and trading around $1,960. The recovery of the U.S. dollar and higher U.S. Treasury bond yields exerted selling pressure on XAU/USD. Gold is testing resistance near the 20-day Simple Moving Average (SMA) at $1.973, requiring a decisive breakout for further upward momentum. As long as the price remains below this level, the bullish trend appears uncertain. On the flip side, the daily chart indicates crucial support around $1,950, with the SMAs (55, 100, and 200 days) positioned between $1,935 and $1,925, providing significant support. A breakthrough below this range signals further weakness and a potential test of $1,900.
On the 4-hour chart, XAU/USD remains above the SMA 20, suggesting potential upward movement. However, technical indicators are mixed, with the Relative Strength Index (RSI) trending downward, Momentum going sideways, and MACD showing limited potential. Breaking below $1,955 makes gold vulnerable in the short term, while a breakthrough above $1,971 reveals the primary resistance at $1,975. Once above that level, XAU/USD gains additional opportunities for an uptrend.
Support Levels: $1,956, $1,942, $1,933
Resistance Levels: $1,975, $1,982, $1,991
On the 4-hour chart, XAU/USD remains above the SMA 20, suggesting potential upward movement. However, technical indicators are mixed, with the Relative Strength Index (RSI) trending downward, Momentum going sideways, and MACD showing limited potential. Breaking below $1,955 makes gold vulnerable in the short term, while a breakthrough above $1,971 reveals the primary resistance at $1,975. Once above that level, XAU/USD gains additional opportunities for an uptrend.
Support Levels: $1,956, $1,942, $1,933
Resistance Levels: $1,975, $1,982, $1,991
