XAU/USD Technical Outlook – 31, Jan

The near-term soft tone falls short of anticipating a steeper decline. In the daily chart, technical indicators ease but remain well above their midlines, with the Relative Strength Index (RSI) barely correcting overbought conditions. At the same time, the bright metal develops well above a firmly bullish 20 Simple Moving Average (SMA), which heads north far above the longer ones. Finally, the same chart shows that buyers are defending the downside in the $1,910 price zone.

The 4-hour chart offers a neutral-to-bearish stance. The pair is meeting near-term sellers around a flat 20 SMA, although the 100 and 200 SMAs maintain their firmly bullish slopes below the current level. Technical indicators, in the meantime, remain within negative levels, although lacking directional strength.

Support levels: 1,910.00 1,896.50 1,884.30

Resistance levels: 1,935.10 1,950.00 1,966.15

Source: fxstreet.com

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