Gold price snaps a four-day losing streak, trading higher around $1,870 per troy ounce. The prices of the precious metal recovers from the lowest levels since March, primarily supported by a correction in the US Dollar (USD) due to the moderate economic data from the United States (US).
From a technical perspective, the daily chart shows XAU/USD is sharply down for a fourth consecutive day, with no signs of downward exhaustion. Technical indicators maintain their bearish slopes, with the Relative Strength Index (RSI) indicator heading south at around 27. At the same time, XAU/USD develops over $50.00 below a bearish 20 Simple Moving Average, which accelerates its slide below the longer ones.
Support levels: 1,858.30 1,845.20 1,832.65
Resistance levels: 1,871.50 1,884.70 1,895.00
From a technical perspective, the daily chart shows XAU/USD is sharply down for a fourth consecutive day, with no signs of downward exhaustion. Technical indicators maintain their bearish slopes, with the Relative Strength Index (RSI) indicator heading south at around 27. At the same time, XAU/USD develops over $50.00 below a bearish 20 Simple Moving Average, which accelerates its slide below the longer ones.
Support levels: 1,858.30 1,845.20 1,832.65
Resistance levels: 1,871.50 1,884.70 1,895.00
