XAU/USD Tests $1,930 Support Level
Gold faced a sharp decline on Friday, triggering rapid price action into bearish territory, marked by a rejection from the 50-hour Simple Moving Average (SMA) at $1,965.
XAU/USD closed the week with a complete downward trajectory, experiencing minimal support bids. The rejection from the 200-hour SMA early on Monday contributed to nearly a 3% weekly decline.
On the daily candlestick, XAU/USD retraced towards the 200-day SMA as gold returned to the long-term average price. The presence of the 50-day SMA on the downside of the longer-term moving average implies the potential for further declines.
XAU/USD closed the week with a complete downward trajectory, experiencing minimal support bids. The rejection from the 200-hour SMA early on Monday contributed to nearly a 3% weekly decline.
On the daily candlestick, XAU/USD retraced towards the 200-day SMA as gold returned to the long-term average price. The presence of the 50-day SMA on the downside of the longer-term moving average implies the potential for further declines.
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