"Gold Surges on China's Optimism"
Gold prices are on the rise, reaching $1,950 in Asian trading on Wednesday. The precious metal's uptrend is bolstered by positive economic activity and optimistic GDP data from China, coupled with the overall weakness of the US Dollar. Market watchers await updates from the Federal Reserve and key US economic data.
The daily XAU/USD chart indicates increasing upward momentum, although the pair needs to surpass the $1,932.60 level, last week's peak. XAU/USD is trading around the flat 100-day Simple Moving Average (SMA), with the SMA 200 providing strong resistance above the mentioned high, reinforcing the level. Meanwhile, the Momentum indicator is heading north, and the Relative Strength Index (RSI) is pointing upwards after a brief consolidation period.
On the 4-hour chart, technical indicators continue to support the upward trend. Gold remains significantly above its moving averages, with the 20-period SMA firmly positioned above longer moving averages. While some technical indicators have eased, they remain close to recent highs within overbought territory, reflecting the latest minor pullback rather than indicating a more significant downturn.
Support Levels: $1,915.60, $1,904.70, $1,895.00
Resistance Levels: $1,932.60, $1,947.40, $1,961.85
Stay tuned for further updates as gold continues its bullish momentum.
The daily XAU/USD chart indicates increasing upward momentum, although the pair needs to surpass the $1,932.60 level, last week's peak. XAU/USD is trading around the flat 100-day Simple Moving Average (SMA), with the SMA 200 providing strong resistance above the mentioned high, reinforcing the level. Meanwhile, the Momentum indicator is heading north, and the Relative Strength Index (RSI) is pointing upwards after a brief consolidation period.
On the 4-hour chart, technical indicators continue to support the upward trend. Gold remains significantly above its moving averages, with the 20-period SMA firmly positioned above longer moving averages. While some technical indicators have eased, they remain close to recent highs within overbought territory, reflecting the latest minor pullback rather than indicating a more significant downturn.
Support Levels: $1,915.60, $1,904.70, $1,895.00
Resistance Levels: $1,932.60, $1,947.40, $1,961.85
Stay tuned for further updates as gold continues its bullish momentum.
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