Gold edged higher in early Asian trading hours on Thursday. A softer US Dollar lent some support to the yellow metal ahead of crucial US CPI data later in the day. XAU/USD is trading around $2,026, up 0.15% on the day.
The daily XAU/USD chart reflects a lack of directional strength. The bright metal is developing below its mild uptrend 20-simple moving average (SMA), providing dynamic resistance around $2,040.30. Meanwhile, the gently ascending 100 SMA crosses above the flat 200 SMA, both situated in the $1,960 price zone. Finally, technical indicators ease back in neutral territory, not enough to confirm another leg down.
The near-term picture tilts risks to the downside as the XAU/USD pair develops below all of its moving averages. Moreover, the declining 20 SMA cuts below the 200 SMA, while the 100 SMA remains directionless above them. At the same time, the Momentum oscillator oscillates around its 100-line, while the Relative Strength Index (RSI) gains downside traction in negative territory, endorsing another visit towards the weekly low at $2,016.61.
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Gold Holds Positive Above $2,020
Gold edged higher in early Asian trading hours on Thursday. A softer US Dollar lent some support to the yellow metal ahead of crucial US CPI data later in the day. XAU/USD is trading around $2,026, up 0.15% on the day.
The daily XAU/USD chart reflects a lack of directional strength. The bright metal is developing below its mild uptrend 20-simple moving average (SMA), providing dynamic resistance around $2,040.30. Meanwhile, the gently ascending 100 SMA crosses above the flat 200 SMA, both situated in the $1,960 price zone. Finally, technical indicators ease back in neutral territory, not enough to confirm another leg down.
The near-term picture tilts risks to the downside as the XAU/USD pair develops below all of its moving averages. Moreover, the declining 20 SMA cuts below the 200 SMA, while the 100 SMA remains directionless above them. At the same time, the Momentum oscillator oscillates around its 100-line, while the Relative Strength Index (RSI) gains downside traction in negative territory, endorsing another visit towards the weekly low at $2,016.61.
Support Levels: $2,016.60 $1,998.65 $1,987.20
Resistance Levels: $2,040.30 $2,052.30 $2,065.45
（Source from: TV-Trade-TiTi）