Gold Moderates Losses Modestly Below $2,000 Amid Dollar Decline
Gold mitigates its losses as the US dollar continues to decline in early Friday's Asian trading session. With no economic data scheduled from the US on Friday, and Wall Street set to close, XAU/USD is trading around $1,992, remaining unchanged for the day. While gold still hovers near the $2,000 mark, it struggles to sustain above it. However, a crucial level to watch is the resistance at $2,010, as a break above it could pave the way for further gains. As long as the price remains below this level, recovery attempts seem vulnerable.
On the 4-hour chart, the upward trend persists as XAU/USD holds above the upward trend line, currently at $1,985. A break below this trend line could prompt a significant adjustment for gold, with potential targets around $1,975 and subsequently $1,955. Technical indicators provide mixed signals, with the MACD signaling a bearish trend, while Momentum and the Relative Strength Index (RSI) remain unchanged.
Support Levels: $1,985, $1,975, $1,955
On the 4-hour chart, the upward trend persists as XAU/USD holds above the upward trend line, currently at $1,985. A break below this trend line could prompt a significant adjustment for gold, with potential targets around $1,975 and subsequently $1,955. Technical indicators provide mixed signals, with the MACD signaling a bearish trend, while Momentum and the Relative Strength Index (RSI) remain unchanged.
Support Levels: $1,985, $1,975, $1,955
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