XAUUSD Gold trade analysis

In the Asian market on Thursday, spot gold rebounded slightly after yesterday's sharp decline, and gold prices are currently trading near the 2015 US dollars per ounce mark.
Spot gold prices fell to their lowest levels since mid-December as the U.S. dollar continued to strengthen. Gold prices fell to as low as $2,003.28 an ounce during New York trading on Wednesday as investors continued to reduce bets on a March interest rate cut by the Federal Reserve.
Gold prices fell for a second straight session on Wednesday, with the daily chart showing the risk of further losses. Gold prices have fallen below the mildly bearish 20-day simple moving average (SMA) but are holding above the 100- and 200-day moving averages, both of which are in the $1,960/oz area. Meanwhile, technical indicators have declined sharply within negative levels, showing no signs of bearish exhaustion.
In the short term, the bearish momentum for gold has become stronger. The 4-hour chart shows gold prices trading below all of its moving averages, slowly gaining downward traction.

Comment:

active trade

Comment:

active trade