Gold Spot / U.S. DollarUpdated "Gold Continues Its Downward Slide"
Gold is testing around the $1,950 price level as XAU/USD faces downward pressure with a market readjustment regarding the Federal Reserve's (Fed) readiness to cut interest rates. XAU/USD is expected to continue its downward trajectory. The 4-hour chart shows technical indicators gaining bearish momentum below their midlines, with the Relative Strength Index (RSI) approaching oversold levels. Additionally, the 20-period Simple Moving Average (SMA) is crossing below the 100-period SMA, both around $1,975 per ounce. Finally, XAU/USD broke below the 23.6% retracement level from its most recent daily upswing, near $1,962.20. The corrective decline may extend towards the next Fibonacci support level at $1,933.26, while a break below this level would suggest a more sustained decline.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.