Gold Price News and Forecast: XAU/USD trims gains, immediate bias bearish
|Gold Price Analysis: Trims gains, immediate bias bearish
Gold is currently trading at $1,637 per Oz, having hit a high of $1,650 in Asia. The pullback is not surprising, as the technical studies are biased bearish. To start with, the daily chart shows a spinning top bearish reversal pattern - Monday's spinning top followed by a 1.8% drop on Tuesday.
Further, the yellow metal created a big red candle with a notable upper shadow (sell on the rise mentality) on Tuesday, reinforcing the short-term bearish bias. Also, the daily RSI is reporting a bearish divergence.
Gold Price Analysis: Initial uptick to $1,650 fizzles
Despite an increase in the market’s risk-off moves following US President Donald Trump’s fiscal stimulus, Gold prices trimmed some gains to $1,638.50 during early Thursday. In doing so, the yellow metal takes rounds to 200-Hour Simple Moving Average (HMA), at $1,644.60 now, while staying below the $1,665/66 resistance confluence including 100-HMA and weekly falling trend line.
While buyers are waiting for entry beyond $1,666, sellers also look for an opportunity below 50% Fibonacci retracement of February 28 to March 09 upside, at $1,633.
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