Gold Price News and Forecast: XAU/USD retreats from session highs, eyes 5-day SMA support
|Gold: Uptrend expected to continue while it trades above 1929
Uptrend scenario
The uptrend may be expected to continue, while market is trading above support level 1929, which will be followed by reaching resistance level 1950 – 1965.
Downtrend scenario
An downtrend will start as soon, as the market drops below support level 1929, which will be followed by moving down to support level 1906.
Gold Price Analysis: XAU/USD retreats from session highs, eyes 5-day SMA support
Gold is trading near $1,952 per ounce, having put in a near two-month high of $1,955 early Wednesday.
The 4-hour chart shows a bearish divergence of the Relative Strength Index (RSI). The hourly chart RSI is also painting a similar picture. Meanwhile, the 14-day RSI is now reporting overbought conditions with an above-70 print for the first time since August.
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