This continues from the conversation last week here, with the technicals not much changed. Gold prices are down another 0.3% today to $1,912 levels at the moment as the dollar is keeping slightly firmer on the session. The near-term chart though is the interesting bit to start the new week, as it confirms sellers’ bias at the moment:
Gold (XAU/USD) hourly chart
The hold of the 200-hour moving average (blue line) speaks to the resolve being held by sellers as they are not giving up the near-term momentum just yet. But at the same time, it looks like they may need more in order to try and take a crack at levels below $1,900 again.
This may be a bit of a draggy affair, going into the US non-farm payrolls on Friday. So, we might see a bit more of a tighter price action in the meantime for gold until traders have a catalyst to work with to try and break on either side of the 200-hour moving average or the $1,900 mark.