- Gold again was rejected from above $1300/oz and also from the 20-day moving average.
- The metal lost strength amid higher US yields and a stronger US Dollar.
The greenback gained momentum during the American session and pushed gold price to the downside. Higher US yields supported the US dollar and weakened the yellow metal.
Gold peaked at $1,301.70, the highest since last Friday but like yesterday, was rejected and pulled back. Near the end of the
Technical outlook
From a technical perspective, the 4 hours chart, XAU/USD is moving between the 50% retracement of the December/January rally and the 20 and 100 SMA, both confined to a tight range and heading lower below the current level.
In the short-term, technical indicators in the 4-hour chart have pulled lower to their midlines, offering a neutral stance ahead of the Asian opening, explained Valeria Bednarik,
To the downside support levels might lie at $1,289.50, $1,282.00 and 1,273.30. On the flip side, resistance levels could be seen at $1,301.10, $1,307.65 and $1,316.35.
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