Gold spot price tumbled for the third day In the week, down almost 0.65% in the aftermath of incoming US economic data throughout the week, turning sentiment sour on speculations that further Federal Reserve (Fed) tightening is coming. At the time of writing, the XAU/USD is trading at $1838.70.
Of late, XAU/USD found a respite after hitting a low of $1818.97, around the 100-day Exponential Moving Average (EMA) at $1819.49, with buyers entering in and dragging prices higher.
Even though the XAU/USD remains neutral to upward biased, sellers could step in around the 50-day EMA at $1854.27 as a solid resistance area. Still, a daily close above the December 27 daily high-turned-support at $1833.29 could pave the way for consolidation in the $1830-$1850 area. Otherwise, a bearish continuation toward the 100-day EMA is on the cards.
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