The XAUUSD pair is retreating from the mentioned high and after briefly surpassing a daily descendant trend line coming from a relevant high at $ 1,857.49 posted mid-June. Technically, the daily chart shows that indicators have lost their positive momentum and turned flat within positive levels while the metal continues advancing above the 20 SMA. Overall, the risk remains skewed to the upside, regardless of a potential setback.
The 4-hour chart shows that the XAUUSD remains above a mildly bearish 200 SMA, which provided intraday support, while the 20 SMA heads firmly higher just below it. Technical indicators, on the other hand, ease within positive levels, reflecting the latest slide but falling short of confirming another leg south.
Support levels: $1750 and $1735
Resistance levels: $1788 and $1800