The precious metal erased
last week’s gains against the greenback losing 1% or more than $12 for the day.
XAU/USD is currently trading around $1272.70, having marked daily low at $1267 (38.2%
Fibonacci retarcement of latest $1251to $1292 upleg).
The US upbeat data today supported the greenback and the US Dollar Index is
seen so higher, even reaching two weeks high at 94.01. So the safe heaven demand
was set on risk-on mode. Technically speaking the four-hour time frame is showing bearish signs.
The price is moving well below its 20-day SMA, while the 100-day SMA is diving a good support coinciding with the 61.8% of same Fibonacci retarcement at $1267.
RSI and stochastic had retreated from the oversold areas but yet are far below their mid-lines. And this comes to tell that bears might enjoy their time until breaking the Fibo 38.2% at $1276 that would bring back bulls in the game.
The price is moving well below its 20-day SMA, while the 100-day SMA is diving a good support coinciding with the 61.8% of same Fibonacci retarcement at $1267.
RSI and stochastic had retreated from the oversold areas but yet are far below their mid-lines. And this comes to tell that bears might enjoy their time until breaking the Fibo 38.2% at $1276 that would bring back bulls in the game.
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