The XAUUSD is now trading near the $1,700 psychological level that lines up with last month’s support zone.
The short-term technical outlook for the XAU/USD pair remains bearish, according to the daily chart. The RSI points lower below its midline, while the MACD prints higher red bars, indicating growing selling interest.
On the downside, the next support level could be found at the weekly low of $1720, followed by the $1700 area, and then the cycle low of $1680, struck on July 21. On the upside, the bulls must regain the $1750 to pave the way toward the 20-day SMA, currently at $1765, en route to the $1800 psychological level.
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk.