Gold trades at around 1,800 with a firmly bearish stance in the near term XAUUSD XAU $XAUUSD $XAU
for the greenback, although shedding the last $15 in less than an hour. The bright metal staged a modest bounce but resumed its slump with Wall Street’s opening as US stocks trimmed pre-opening gains and dipped in the red. Equities managed to recover some ground, but the greenback kept advancing.
The 4-hour chart shows that the price has fallen below its 20 and 200 SMAs, while approaching a mildly bullish 100 SMA, reflecting sellers’ strength. Meanwhile, the Momentum indicator is crossing its midline into negative territory, while the RSI indicator heads lower at around 38, all of which hints at a bearish continuation, particularly on a break below 1,789.30, the immediate support level.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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