Gold Strengthens Momentum Above $1,980 USD Amid US GDP Concerns
Updated
Gold extended its upward trajectory in early Asian trading hours on Thursday. Despite higher yields on US Treasury bonds, the precious metal continued to climb above $1,980 USD due to risk-averse sentiment. Increasing geopolitical tensions in the Middle East may drive safe-haven assets like the XAU/USD higher.
Technical analysis on the daily chart for XAU/USD supports further upside, although the pair is still trading below the monthly peak of $1,997.17. XAU/USD performs well above all of its moving averages, with the 20-day Simple Moving Average (SMA) providing substantial support. Additionally, technical indicators are pointing towards overbought conditions, although the strength is not uniform.
XAU/USD remains neutral in terms of price action on the 4-hour chart. The precious metal holds above the flat 20-period SMA, while the 100-period SMA continues to extend below the current level. Lastly, technical indicators are still hovering around their midlines but are showing signs of turning downward. Bullish speculators will gain confidence when breaking the monthly high mentioned earlier.
Support Levels: $1,964.30, $1,953.30, $1,936.60
Resistance Levels: $1,997.20, $2,008.10, $2,011.95
In summary, gold is showing resilience and upward potential above $1,980 USD, driven by concerns about US GDP and geopolitical tensions. Technical indicators suggest a bullish outlook, although a breakthrough of the monthly high will provide further confidence for those expecting higher prices.
Technical analysis on the daily chart for XAU/USD supports further upside, although the pair is still trading below the monthly peak of $1,997.17. XAU/USD performs well above all of its moving averages, with the 20-day Simple Moving Average (SMA) providing substantial support. Additionally, technical indicators are pointing towards overbought conditions, although the strength is not uniform.
XAU/USD remains neutral in terms of price action on the 4-hour chart. The precious metal holds above the flat 20-period SMA, while the 100-period SMA continues to extend below the current level. Lastly, technical indicators are still hovering around their midlines but are showing signs of turning downward. Bullish speculators will gain confidence when breaking the monthly high mentioned earlier.
Support Levels: $1,964.30, $1,953.30, $1,936.60
Resistance Levels: $1,997.20, $2,008.10, $2,011.95
In summary, gold is showing resilience and upward potential above $1,980 USD, driven by concerns about US GDP and geopolitical tensions. Technical indicators suggest a bullish outlook, although a breakthrough of the monthly high will provide further confidence for those expecting higher prices.
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day 27 Comment
The chart is on the right track !
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