Gold Price advances after hitting a daily low of $1,803.30, gaining 0.83% during the North American session bolstered by falling US bond yields, which weakened the US Dollar (USD). Meanwhile, investors’ sentiment improved even though China relaxing Covid-19 policy keeps the health system pressured. At the time of writing, the XAU/USD is trading at $1,817.27, up by 0.74%.
From a daily chart perspective, the XAU/USD remains upward biased, though unable to crack December’s high of $1,833.29. Traders should be aware that the yellow metal prices have been tracking the 20-day Exponential Moving Average (EMA) since mid-November, and Gold is trading above its 200-day EMA. Therefore, further upside is expected.
That said, XAU/USD’s first resistance would be the MTD high of $1,833.29. A breach of the latter will expose June’s high of $1,879.45, followed by the $1,900 mark. As an alternate scenario, the XAU/USD first support would be $1,800. Break below would expose the 20-day EMA at $1,792.78, followed by the 200-day EMA at $1,765.98.
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