💲 XAUUSD: Fundamental analysis of the new trend of GOLD

Hello trader, some important analyzes you need to pay attention to!

Gold remains defensive near 1,900 amid USD demand

In terms of technical analysis, the daily chart of XAU/USD suggests a potential change in direction. XAU/USD experienced a significant decline for two consecutive days, pushing its price below all moving averages. The 89 EMA is currently acting as a strong support level, positioned above the converging 34 and 200 EMA. Simultaneously, the Momentum indicator showed a slight decrease, falling just below the 100 mark, while the Relative Strength Index (RSI) indicated an upward trend around 39 without any signs of exhaustion.

Support levels: 1,901.00 1,884.70 1,872.90

Resistance levels: 1,907.70 1,921.80 1,933.30

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