Gold staged a downward correction after last week's rally and fell to $1,990 early Monday. However, it quickly regained the $2000 level after that and is currently trading at $1996 today.
As the US Dollar came under renewed selling pressure, XAU/USD reversed direction and headed towards the $2,000 level, erasing most of its daily losses in the process.
On the 4-hour chart, an uptrend is forming and waiting for a breakout at any moment. As long as the gold price remains above 1990 USD, the possibility of price increases is still there.
Support levels: 1,990.90 1,976.85 1,962.10
Resistance levels: 2,009.50 2,023.70 2,040.20
As the US Dollar came under renewed selling pressure, XAU/USD reversed direction and headed towards the $2,000 level, erasing most of its daily losses in the process.
On the 4-hour chart, an uptrend is forming and waiting for a breakout at any moment. As long as the gold price remains above 1990 USD, the possibility of price increases is still there.
Support levels: 1,990.90 1,976.85 1,962.10
Resistance levels: 2,009.50 2,023.70 2,040.20
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