XAU/USD, H4
Gold prices stage a modest recovery, capitalising on a weakening US Dollar post lacklustre home sales
data. Despite this positive momentum, the overall short-term trajectory for the gold market remains
in a state of flux. Investors maintain a cautious stance, patiently awaiting critical US economic data,
including US GDP and the US Core PCE report.
Gold prices are trading higher while currently testing the resistance level. MACD has illustrated
diminishing bearish momentum, while RSI is at 56, suggesting the commodity might extend its gains
after breakout since the RSI stays above the midline.
Resistance level: 2035.00, 2060.00
Support level: 2015.00, 1985.00
Gold prices stage a modest recovery, capitalising on a weakening US Dollar post lacklustre home sales
data. Despite this positive momentum, the overall short-term trajectory for the gold market remains
in a state of flux. Investors maintain a cautious stance, patiently awaiting critical US economic data,
including US GDP and the US Core PCE report.
Gold prices are trading higher while currently testing the resistance level. MACD has illustrated
diminishing bearish momentum, while RSI is at 56, suggesting the commodity might extend its gains
after breakout since the RSI stays above the midline.
Resistance level: 2035.00, 2060.00
Support level: 2015.00, 1985.00