Mounting concerns boost demand for the safe-haven US Dollar while global stock markets remain on the back foot. From a technical perspective, the daily chart for the XAU/USD pair suggests the bearish trend will continue. The pair peaked at around the 200 Simple Moving Average (SMA), retreating sharply from the indicator. At the same time, the 20 SMA heads firmly south above it, in line with the dominant downward trend. Finally, technical indicators head sharply lower within negative levels, reflecting sellers' strength.
The bearish case is also strong in the near term. The 4-hour chart shows that XAU/USD keeps retreating from a bearish 20 SMA, currently at around $1,901.10. The longer moving averages gain downward traction far above the shorter one, also reflecting bears' dominance. Finally, technical indicators head south almost vertically within negative levels, with the Relative Strength Index (RSI) indicator sliding into oversold territory.
Support levels: 1,896.30 1,888.30 1,879.95
Resistance levels: 1,901.10 1,915.30 1,922.40
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