FX.co ★ king.zelda | XAU/USD, GOLD

Hello traders, The price of gold has slightly decreased, pulling back from seven-week highs amid profit-taking and a recovery in the dollar. However, overall trading remains sideways. The market is clearly preparing for the release of the US Consumer Price Index. The XAU/USD pair is holding firmly above the ascending 200-period exponential moving average, positioned below the support level at 4296.88 (Murray 7.8), coinciding with the H4 Kijun line at 4260. The Moving Average Convergence Divergence (MACD) indicator is above the signal line in the positive zone, with a slight narrowing of the histogram indicating a weakening momentum after the recent rise. The Relative Strength Index (RSI) is around the 60 mark, suggesting a bullish sentiment without signs of overbought conditions. If the US inflation data turns out to be significantly worse than expected, bulls may attempt a new test of the resistance level at 4375.00 (Murray 8.8).