FX.co ★ AKR48 | XAU/USD, GOLD

XAU/USD For the fourth day in a row, gold falls close to $4,550 as the US dollar gains momentum due to strong US economic statistics. Strong US retail sales and inflation data support predictions of a more aggressive Federal Reserve. Below its 100- and 200-period SMAs, XAU/USD retains a bearish short-term tendency. As the US dollar (USD) gains strength, gold (XAU/USD) declines for the fourth day in a row, falling close to $4,550. Rising expectations of a hawkish Federal Reserve (Fed) in the wake of robust US inflation and retail sales figures strengthen the US dollar. In the meantime, persistent hostilities between the US and Iran, especially in the Strait of Hormuz, keep oil prices high and increase market volatility. XAU/USD is trading at $4,553.16 on the four-hour chart, maintaining a bearish near-term bias as the price stays below the 200-period SMA at $4,699.41 and the 100-period SMA at $4,655.41, as well as below the larger downward resistance trend line close to $4,751.00. The Relative Strength Index (RSI) has dropped to oversold territory around 27, suggesting that, although downward pressure is currently dominant, the recent decline may slow if sellers begin to book profits. The 100-period SMA at $4,655.41, the 200-period SMA at $4,699.41, and the descending trend-line area at $4,751 are the first points of resistance on the upside. Higher obstacles align at the horizontal barriers at $4,890 and $5,044. The first support on the downside is located at $4,479, the falling trend line. After the most recent drop, buyers may try to stabilise the metal at the next significant support, which is located at the horizontal level of $4,351, ahead of $4,306 and then $4,099.