At the beginning of the week, the XAU/USD retreated towards $1,920 and consolidated Friday’s rally, which saw the spot price rising by more than 3%. M
XAU/USD consolidated Friday’s gains and found strong resistance at the 200-day SMA around $1,930. US Treasury yields continue to rise and weigh on the precious metal. Geopolitical tensions in the Middle East may limit the downside potential. arkets will remain quiet on Monday, and investors await Tuesday’s Retail Sales figures from the US from September to continue placing their bets on the Federal Reserve's next decisions.
Despite pointing south, the Relative Strength Index jumped to positive territory on Friday, while the Moving Average Convergence histogram prints larger green bars. In the larger context, the price got rejected by the 200-day Simple Moving Average at $1,930 but managed to close above the 20 and 100-day Averages, indicating that the overall trend is favouring the buyers. Support levels: $1,910, $1,900, $1,880. Resistance levels: $1,930 , $1,950, $1,970.
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