The precious metal was trading weaker on the day following the data dump from the US session. A broad patch of economic data came out better than the forecasts had indicated. A general improvement from the previous month’s data also put prices under pressure.
XAU/USD Trading Below Resistance
XAU/USD briefly tested the resistance level of 1462 before slipping lower. Price action is broadly trading flat within the 1462 and 1445 level.
If the current bearish sentiment prevails, gold could fall to the lower support level of 1445. The hidden bearish divergence on the Stochastics also confirms the downside for now.
