Gold struggled to recover even though US government bond yields increased across all terms
XAU/USD increased slightly in the European session and gradually recovered from the 2-month low, around the 1,984 USD area established in Wednesday's session. Investors are shifting their focus to the US January PPI report for fresh catalysts.
On frame D1, immediate resistance is at $2,015, with buyers' next target being the 50-day MA around $2,030. Breaking these resistances, the upward momentum could extend to the $2,044/45 area and the $2,065 area.
On the contrary, the immediate support to watch out for is the 100-day MA around $1,996, followed by the 2-month bottom at $1,984 and the 200-day MA near $1,965. A successful test of these supports will increase selling pressure and extend the decline to the $1,952/51 area, with the next target being the November 2023 bottom around the $1,932/31 area.
XAU/USD increased slightly in the European session and gradually recovered from the 2-month low, around the 1,984 USD area established in Wednesday's session. Investors are shifting their focus to the US January PPI report for fresh catalysts.
On frame D1, immediate resistance is at $2,015, with buyers' next target being the 50-day MA around $2,030. Breaking these resistances, the upward momentum could extend to the $2,044/45 area and the $2,065 area.
On the contrary, the immediate support to watch out for is the 100-day MA around $1,996, followed by the 2-month bottom at $1,984 and the 200-day MA near $1,965. A successful test of these supports will increase selling pressure and extend the decline to the $1,952/51 area, with the next target being the November 2023 bottom around the $1,932/31 area.
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Hit TP1: + 70 pips
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TP1: 2000
TP2: 1995
SL: 2015