Gold Price Analysis: 21-SMA on 4H limits the XAU/USD recovery ahead of US data


  • XAU/USD spots symmetrical triangle breakdown on the 1H chart.
  • RSI point south, within the bearish zone, allowing more declines.
  • Downside more compelling amid a bunch of healthy resistance levels.

Gold (XAU/USD) has returned to the red zone, as the US dollar appears to have found its feet after Tuesday’s corrective decline.

The US dollar is attempting a rebound despite the 0.50% advance in the S&P 500 futures, which reflects the risk-on market mood.

Gold traders await the key US ADP jobs and ISM Services PMI data for fresh directives. In the meantime, the yellow metal could likely remain at the mercy of the dollar dynamics.

From a short-term technical perspective, the bearish 21-simple moving average (SMA) at $1736 on the four-hour chart is capping the recovery attempts, at the moment.

The Relative Strength Index (RSI) has turned lower, suggesting that the recovery momentum could be losing steam.

Therefore, the eight-month lows of $1707 is back on the sellers’ radars.

Gold Price Chart: Four-hour 

If the buyers manage to find acceptance above the 21-SMA barrier, the psychological $1750 level could be put to test.

Further up, the downward-sloping 50-SMA at $1771 would then challenge the bullish commitments.

Gold Additional levels

XAU/USD

Overview
Today last price 1732.72
Today Daily Change -0.44
Today Daily Change % -0.03
Today daily open 1733.16
 
Trends
Daily SMA20 1795.4
Daily SMA50 1839.57
Daily SMA100 1854.61
Daily SMA200 1860.36
 
Levels
Previous Daily High 1738.56
Previous Daily Low 1707.28
Previous Weekly High 1816.07
Previous Weekly Low 1717.24
Previous Monthly High 1871.9
Previous Monthly Low 1717.24
Daily Fibonacci 38.2% 1726.61
Daily Fibonacci 61.8% 1719.23
Daily Pivot Point S1 1714.11
Daily Pivot Point S2 1695.05
Daily Pivot Point S3 1682.83
Daily Pivot Point R1 1745.39
Daily Pivot Point R2 1757.61
Daily Pivot Point R3 1776.67

 

 

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