Gold Price Forecast: $XAUUSD trades near its weekly peak in the $1,930 region Read More!▶️ Commodities Forex
ed States makers closed amid the country celebrates Independence Day, financial assets remain lifeless and confined to familiar levels.
Overnight, the Reserve Bank of Australia announced it kept the Official Cash Rate unchanged at 4.1%, with policymakers saying inflation in the economy has “passed its peak.” Aussie’s decline provided near-term support to the US Dollar, but the American currency quickly changed course, edging lower against most major rivals, as Asian shares managed to maintain the green. Their European counterparts, however, finished the day in the red.
In the near term, and according to the 4-hour chart, XAU/USD still has room to recover its bullish poise. The bright metal develops above a bullish 20 SMA, while the longer ones keep heading lower above the current level. The 100 SMA currently provides dynamic resistance at around $1,932.75. Finally, technical indicators remain near their recent highs within positive levels, although the Relative Strength Index turned marginally south, in line with the retracement from the intraday high.
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