During the Asian trading hours, XAU/USD turned bearish after failing to break above the $1,760 resistance and retreated to the $1,730 area, where the Fibonacci 38.2% retracement of Mar. 31-Apr. 8 uptrend is located. Additionally, the 100-period and the 200-period SMAs on the four-hour chart, as well as the 20-day SMA, are reinforcing that support. As long as bulls continue to defend this level, gold could try to retest the 50-day SMA.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.