XAU/USD holds on to its recent gains, hovering around its opening level. The daily chart shows that the price is developing far above its moving averages, with the 20 Simple Moving Average (SMA) heading firmly north above the longer ones. Technical indicators, in the meantime, extend their consolidative phase near overbought levels, reflecting the absence of selling interest while maintaining the risk skewed to the upside.
In the near term, and according to the 4-hour chart, chances of a steeper decline seem limited. The pair is moving back and forth in a tight $20 range. Technical indicators turned marginally lower but hold near overbought readings, reflecting decreasing buying interest rather than suggesting fresh selling. At the same time, XAU/USD holds far above bullish moving averages, with the 20 SMA providing dynamic support at around $1,860.50.
Support levels: 1,860.50 1,843.10 1,825.00
Resistance levels: 1,883.50 1,897.45 1,910.00
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