Key Highlights
- Gold price is struggling to clear the $1,935 resistance.
- A major bearish trend line is forming with resistance near $1,928 on the 4-hour chart.
- EUR/USD is aiming for a fresh high above 1.1010.
- GBP/USD could gain pace if it clears the 1.2800 resistance.
Gold Price Technical Analysis
Gold price remained in a bearish zone below the $1,980 level against the US Dollar. The price traded below the $1,950 support to move into a short-term bearish zone.
The 4-hour chart of XAU/USD indicates that the price settled below the $1,950 support, the 200 Simple Moving Average (green, 4 hours), and the 100 Simple Moving Average (red, 4 hours).
There was also a close below the $1,935 pivot level. The recent low was formed near $1,910 before there was a decent increase. The price struggled to recover above the $1,932 and $1,935 resistance levels.
There is also a major bearish trend line forming with resistance near $1,928 on the same chart. The next major resistance is near the $1,935 level, above which the price could rise toward $1,945 or the 100 Simple Moving Average (red, 4 hours).
Any more gains might send the price toward the $1,960 resistance level. Initial support is near the $1,910 level. The next major support is near $1,900.
If the bulls fail to protect the $1,900 support, there is a risk of a major decline. In the stated case, the price could decline toward the $1,860 level.
Looking at EUR/USD, the pair is showing positive signs above 1.0880 and might aim for a fresh high above the 1.1010 level.
Economic Releases to Watch Today
- Federal Reserve Chair Jerome Powell Speech.
