XAU/USD has rebounded from the previously mentioned low, but it is currently trading in negative territory. Analyzing the daily chart reveals that it has recorded both a lower high and a lower low, declining for seven consecutive days. Technical indicators are indicating extreme oversold levels, yet there are no other indications of downward exhaustion. Additionally, the precious metal is far below all its moving averages, with the 20 Simple Moving Average (SMA) sharply heading south around $1,900. This reflects a strong selling momentum.
Examining the 4-hour chart confirms that XAU/USD maintains its bearish bias as technical indicators continue to decline after a minor bullish correction. The Relative Strength Index (RSI) indicator remains below its 30 level while Momentum lingers at multi-month lows. Furthermore, the 20 SMA is firmly on a downward trajectory well above the current level and below longer moving averages.
A significant static support level can be found at $1,804.70 which corresponds to February's monthly low point. A break below this support level would suggest an ongoing decline in the near future.
Key Support Levels:
- $1,815.20
- $1,804.70
- $1,792.10
Key Resistance Levels:
- $1,$8335
-$1845.$0
-$1858.$30
Examining the 4-hour chart confirms that XAU/USD maintains its bearish bias as technical indicators continue to decline after a minor bullish correction. The Relative Strength Index (RSI) indicator remains below its 30 level while Momentum lingers at multi-month lows. Furthermore, the 20 SMA is firmly on a downward trajectory well above the current level and below longer moving averages.
A significant static support level can be found at $1,804.70 which corresponds to February's monthly low point. A break below this support level would suggest an ongoing decline in the near future.
Key Support Levels:
- $1,815.20
- $1,804.70
- $1,792.10
Key Resistance Levels:
- $1,$8335
-$1845.$0
-$1858.$30
Comment:
Newspaper: The president of PricewaterhouseCoopers in America leaves his position after pressure.
