Gold prices stood firm on Monday, rising over 0.70%, supported by increased tensions in the Middle East along with the previous day's gains in the US Dollar. The XAU/USD exchange rate traded around $2031.60, down 0.07%, after bouncing back from last week's low of $2017.92.
In the near term and based on the 4-hour chart, XAU/USD is neutral. It is currently consolidating its short-term uptrend, as evidenced by the potential catalyst provided by the 34 EMA, although the price is approaching the resistance level of $2040 where it has consistently reacted.
The "buy on dips" trading strategy for gold continues as long as the support level of $2015 is maintained. This is because, following last week's decision, policymakers are trying to temper hopes of an interest rate cut in April, which the currency market is fully pricing in.
In the near term and based on the 4-hour chart, XAU/USD is neutral. It is currently consolidating its short-term uptrend, as evidenced by the potential catalyst provided by the 34 EMA, although the price is approaching the resistance level of $2040 where it has consistently reacted.
The "buy on dips" trading strategy for gold continues as long as the support level of $2015 is maintained. This is because, following last week's decision, policymakers are trying to temper hopes of an interest rate cut in April, which the currency market is fully pricing in.
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