Gold Price News and Forecast: XAU/USD on the back foot at the beginning of a new week
|Gold technical analysis: Crawl sideways retains negative bug below SMAs
Gold although trading between 1,785 and 1,875 has been holding in a bigger buffer zone of 1,764-1,974, from the late months of the previous year. The simple moving averages (SMAs) are drawing closer together and are adopting a more horizontal bearing, which is endorsing a neutral tone in the precious metal. Yet, the commodity is exhibiting a slight preference southwards after a recent deflection off the 200-period SMA around 1,850. Furthermore, the falling Ichimoku lines are backing negative price action, while the short-term oscillators are transmitting signals to the downside.
The MACD, slightly below zero, is tussling with a levelling red trigger line, while the RSI is somewhat hovering in the bearish territory. Furthermore, the strong bearish charge in the stochastic oscillator is promoting price’s inclined downwards direction.
Gold Price Analysis: XAU/USD bears still in control, $1,810 critical
The precious metal has been struggling to gain ground despite expectations for robust US stimulus – which is now high on the agenda after former President Donald Trump's trial has ended. Will additionl funds push XAU/USD higher?
Examining the four-hour chart is pointing to further losses rather than gains. Momentum is leaning to the downside and gold is is trading below the 50, 100 and 200 Simple Moving Averages.
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