Technical Outlook for XAU/USD
Gold experienced a swift decline during Wednesday's trading session, pulling XAU/USD back from the $2,000 level to test $1,990, dropping below the 50-hour Simple Moving Average (SMA).
Despite Wednesday's price pullback, gold continued its upward momentum, with XAU/USD rising over 3% from the recent low near the 200-day SMA around $1,931. The $2,000 level proves to be a significant technical barrier, and the short-term trading range for spot gold will depend on whether the 200-day SMA can provide support for any declines towards $1,940.
Gold experienced a swift decline during Wednesday's trading session, pulling XAU/USD back from the $2,000 level to test $1,990, dropping below the 50-hour Simple Moving Average (SMA).
Despite Wednesday's price pullback, gold continued its upward momentum, with XAU/USD rising over 3% from the recent low near the 200-day SMA around $1,931. The $2,000 level proves to be a significant technical barrier, and the short-term trading range for spot gold will depend on whether the 200-day SMA can provide support for any declines towards $1,940.
