Gold price at key support level after steady fall
On the 4-hour chart, a short-term downtrend is visible. A descending trendline is acting as support, indicating a stable downward trend. The Death Cross, a bearish signal between the 50 and 100 moving averages, formed earlier this month, suggesting further price decline.
The positive divergence of the RSI suggests that the downward momentum is fading. XAU/USD is currently testing the 61.8% Fibonacci retracement level. However, it may need to surpass the 50 and 100 moving averages to regain a short-term bullish outlook. In that case, focus would be on the 23.6% level from 1965 before reaching the peak in July 1987.
The positive divergence of the RSI suggests that the downward momentum is fading. XAU/USD is currently testing the 61.8% Fibonacci retracement level. However, it may need to surpass the 50 and 100 moving averages to regain a short-term bullish outlook. In that case, focus would be on the 23.6% level from 1965 before reaching the peak in July 1987.
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🟢Gold reverses its losses as inflation in America rose less than expected.
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World gold price continued its downtrend, USD rose again after US inflation data.
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Spot gold was down 0.4% to $1,906.69 per ounce by 1224 GMT, hitting its lowest level since July 6. U.S. gold futures fell 0.4% to $1,938.60.
🔴 SL: 1950
🟢 TP1: 1932
🟢 TP2: 1922
🕯 BUY GOLD | 1890 - 1893
🔴 SL: 1885
🟢 TP1: 1903
🟢 TP2: 1913