Gold price holds steady near weekly top amid Fed rate cut bets,
Gold price struggles to capitalize on its weekly gains registered over the past two days and ticks lower during the Asian session on Wednesday. The precious metal trades around the $2,040 supply zone and seems poised to appreciate further in the wake of the Federal Reserve's dovish shift last week.
The daily chart for the XAU/USD pair maintains the risk skewed to the upside. The pair met buyers on an intraday retracement at around a bullish 20 Simple Moving Average (SMA) while the longer moving averages tick modestly higher, far below the shorter one. At the same time, technical indicators post modest intraday advances, although the Momentum indicator remains within neutral levels.
XAU/USD is also bullish in the near term. The 4-hour chart shows a flat 100 SMA offered intraday support, while the 20 SMA gains upward traction above the longer one. Finally, technical indicators head north, with the Relative Strength Index (RSI) indicator at around 64 and the Momentum indicator piercing its midline. Overall, XAU/USD is foreseen to advance at a slow pace, as there is no soon-to-come catalyst that could trigger a bullish breakout.
Support levels: 2,027.60 2,014.10 2,003.90
Resistance levels: 2,047.90 2,065.60 2,076.10
The daily chart for the XAU/USD pair maintains the risk skewed to the upside. The pair met buyers on an intraday retracement at around a bullish 20 Simple Moving Average (SMA) while the longer moving averages tick modestly higher, far below the shorter one. At the same time, technical indicators post modest intraday advances, although the Momentum indicator remains within neutral levels.
XAU/USD is also bullish in the near term. The 4-hour chart shows a flat 100 SMA offered intraday support, while the 20 SMA gains upward traction above the longer one. Finally, technical indicators head north, with the Relative Strength Index (RSI) indicator at around 64 and the Momentum indicator piercing its midline. Overall, XAU/USD is foreseen to advance at a slow pace, as there is no soon-to-come catalyst that could trigger a bullish breakout.
Support levels: 2,027.60 2,014.10 2,003.90
Resistance levels: 2,047.90 2,065.60 2,076.10