Gold hovers near 1,910 with a negative bias, focus on US macros
The price of gold is currently declining, trading at a lower level of approximately 1,910 per troy ounce during the Asian session on Tuesday. The US Dollar (USD) is gaining strength, partially due to a cautious market sentiment and increased US Treasury yields.
The XAU/USD is expected to experience a bearish outlook. On the 4-hour chart, technical indicators indicate a preference for a downward movement, as the price is significantly below important moving averages. Currently, the price is being tested at the support area of 1,915, and if it breaks below, it will reveal a downtrend line positioned at 1,908. This particular level serves as the final defense before reaching 1,900.
The potential for an upward movement remains limited as long as the price stays below $1,930. However, if Gold surpasses this level, it could potentially empower the bulls and allow them to take control, albeit temporarily. Before reaching 1,930, there is a strong short-term resistance observed around 1,920.
Support levels: 1,908 1,901 1,885
Resistance levels: 1,921 1,930 1,945
The price of gold is currently declining, trading at a lower level of approximately 1,910 per troy ounce during the Asian session on Tuesday. The US Dollar (USD) is gaining strength, partially due to a cautious market sentiment and increased US Treasury yields.
The XAU/USD is expected to experience a bearish outlook. On the 4-hour chart, technical indicators indicate a preference for a downward movement, as the price is significantly below important moving averages. Currently, the price is being tested at the support area of 1,915, and if it breaks below, it will reveal a downtrend line positioned at 1,908. This particular level serves as the final defense before reaching 1,900.
The potential for an upward movement remains limited as long as the price stays below $1,930. However, if Gold surpasses this level, it could potentially empower the bulls and allow them to take control, albeit temporarily. Before reaching 1,930, there is a strong short-term resistance observed around 1,920.
Support levels: 1,908 1,901 1,885
Resistance levels: 1,921 1,930 1,945
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