✍XAUUSD holds on to modest intraday gains, and the daily chart shows it posted a higher high and a higher low, in line with a bullish extension. Still, the bright metal keeps developing below all its moving averages, with the 20 SMA maintaining its downward slope at around $1,881.75. At the same time, technical indicators have stabilized within negative levels, losing their upward strength after correcting extreme oversold conditions.
✍In the near term, and according to the 4-hour chart, the risk skews to the upside. Technical indicators are picking up after correcting overbought readings but remain below their weekly peaks. At the same time, the 20 SMA keeps gaining upward traction below the current level, reflecting near-term buyers are still strong.
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