Gold is biased south and could pierce the 1,800 threshold in the near term XAU XAUUSD $XAU $XAUUSD
to fresh two-year highs. Risk-off sentiment persisted after Wall Street’s opening, with the metal bouncing towards the 1,820 price zone but quickly giving up and resuming its decline.
In the near term, and according to the 4-hour chart, the bearish case is clearer. Gold is trading above its 100 SMA but meeting sellers around a bearish 20 SMA. Technical indicators, in the meantime, resumed their declines within negative levels, although they are still above their intraday lows, indicating decreasing bearish momentum. Nevertheless, bears hold the grip and will likely look for a break below 1,800.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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