Prospects for XAU/USD Technical Outlook
Gold spot prices saw a notable 1.10% surge on Friday, reaching a peak of $2,070 before retracing to $2,050. XAU/USD's intraday performance has been strong, surpassing the 200-hour SMA since last week's breakthrough above $2,020.
A pattern of higher lows on the daily charts has emerged since early October, finding support near $1,820, with the 200-day SMA providing crucial long-term support at $1,960.
The early December rally to all-time highs has left short-term gold bid prices elevated, raising the question of whether XAU/USD will retrace below $2,000 before potential downtrend patterns emerge.
A pattern of higher lows on the daily charts has emerged since early October, finding support near $1,820, with the 200-day SMA providing crucial long-term support at $1,960.
The early December rally to all-time highs has left short-term gold bid prices elevated, raising the question of whether XAU/USD will retrace below $2,000 before potential downtrend patterns emerge.
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