Gold price maintains the bearish bias after the US opening and XAU/USD trades at fresh four-week lows near $1,940. The bright metal is set to end the week with substantial losses despite the tepid demand for the US dollar.
The daily chart for XAU/USD shows bulls are giving it another try, as the pair aims to overcome the 23.6% Fibonacci retracement of the $1,810.41/$,009.34 rally at $1,962.20.
It turned positive for the day, but it also posted a lower high and a lower low while developing below a bullish 20 Simple Moving Average (SMA). Finally, technical indicators are ticking marginally higher, although within neutral levels.
In the near term, and according to the 4-hour chart, XAU/USD met sellers around a bearish 20 SMA, which extends its slide below a flat 100 SMA. An advance beyond the indicator should encourage buyers and result in further intraday gains. Technical indicators, in the meantime, aim north within negative levels.
Support levels: 1,945.20 1,933.20 1,923.10
Resistance levels: 1,965.30 1,978.30 1,989.00