XAUUSD, H1 and H4
Gold Futures remain weak, hovering above the one-plus month lows of $1,283.80 seen on Monday, and extending its streak of lower daily lows to nine sessions. The contract topped at $1,290.55 during Asian hours, supported modestly by faltering risk appetite, and a pause in Dollar gains.
Support now comes at $1,278.90, the January 25 low, with immediate Resistance at yesterday’s peak, at $1,289.50 (also at nearly PP level). Next Resistance is at the psychological $1,300 level, and then at the 50-day moving average, which sits at $1,302.50.
Momentum indicators have rebounded from recent lows, by turning the intraday picture from negative to neutral one, which complies with the consolidation seen so far today. The Bollinger Bands are tight and flat, suggesting the continuation of the consolidation mode in the short term, while MACD and RSI are turning to neutral zone from the oversold barrier.
For a wider timeframe, analysis can be found here.
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Andria Pichidi
Market Analyst
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