Gold has been on the back foot at the beginning of a new week. The precious metal has been struggling to gain ground despite expectations for robust US stimulus – which is now high on the agenda after former President Donald Trump’s trial has ended. Will additionl funds push XAU/USD higher?
Examining the four-hour chart is pointing to further losses rather than gains. Momentum is leaning to the downside and gold is is trading below the 50, 100 and 200 Simple Moving Averages.
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Critical support awaits at last week’s low of $1,810. The next downside target is February’s trough’s of $1,785. Resistance awaits at $1,820, the daily high, followed by $1,855.
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