Gold: Bears wait in the flanks below counter-trendline daily resistance
shows that the metal met buyers around a directionless 100 SMA, and it is currently struggling at around an also flat 200 SMA. Technical indicators are neutral below their midlines, somehow suggesting limited buying interest.
The 4-hour chart shows that the pair is above a bearish 20 SMA, while below the longer ones, which lack directional strength. The Momentum indicator advances within positive levels while the RSI is directionless around its midline. The metal could advance further once beyond the mentioned daily high but would need to run beyond 1,830 to gain longer-term bullish traction.Fundamental Overview
Spot gold extended its advance to $1,808.75 a troy ounce, holding nearby after a short-lived slide to 1,797.57 at the beginning of the American session. The bright metal advanced as demand for the greenback remained subdued through the first half of the day, compliments to weaker government bond yields and the better performance of Asian and European equities.
Encouraging U.S. macroeconomic figures provided the greenback with a temporal boost, as the January ISM beat expectations by printing at 57.6. Also, the number of job openings was slightly better than anticipated, hitting 10.9 million on the last business day of December, according to the U.S. Bureau of Labor Statistics.
Meanwhile, government bond yields ticked higher, providing modest support to the American currency and preventing the metal from appreciating further. The yield on the 10-year Treasury note is currently at around 1.80%.Interested in weekly XAU/USD forecasts? Our experts make weekly updates forecasting the next possible moves of the gold-dollar pair.
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