Gold Price Analysis: XAU/USD refreshes two-week top as buyers eye 100-day SMA
|- Gold takes the bids near multi-day top, rises for fourth consecutive day.
- Sustained break of 50-day SMA, risk-on mood favor bulls, sellers have multiple barriers to entry.
Gold prices rise to the fresh high since January 08 while taking the bids near $1,875, currently up 0.17% near $1,873.50, while heading into Thursday’s European open. The yellow metal buyers cheer successful upside break of 50-day SMA to refresh the multi-day high.
Additionally, the market’s risk-on mood due to US President Joe Biden’s formal ruling for one day and the receding strength of the MACD’s bearish signals also back the upside momentum.
Against this backdrop, the bullion currently rises towards 100-day SMA, at $1,883.80 now, a break of which will eye for the $1,900 round-figure and December top near $1,906.
Meanwhile, any pullback moves need to drop beneath the 50-day SMA level of $1,860 to recall even a short-term gold seller.
Also challenging the quote’s downside are two-month-old horizontal support, $1,818/17, the monthly low of $1,802.80 and November’s bottom close to $1,764.
To sum up, gold’s recent upside break of the key SMAs join broad market optimism to recall the buyers.
Gold daily chart
Trend: Bullish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.