Gold Leaves Behind Bearish Engulfing as Fed Push Losses Steam
Gold prices dropped almost 2 percent on Thursday, the most since the summer of 2020.
XAU/USD was unable to find follow-through after a boost from the Fed earlier this week. Upbeat US jobless claims brought data into focus ahead of Friday's non-farm payrolls report, pushing up the US Dollar.
A Bearish Engulfing is in focus. Downside follow-through is lacking at the time of publishing. A breakout under the 20-day Simple Moving Average exposes the 50-day line.
Negative RSI divergence is also present, showing that upside momentum is fading.
Otherwise, key resistance is the 1978 - 1998 zone above.
XAU/USD was unable to find follow-through after a boost from the Fed earlier this week. Upbeat US jobless claims brought data into focus ahead of Friday's non-farm payrolls report, pushing up the US Dollar.
A Bearish Engulfing is in focus. Downside follow-through is lacking at the time of publishing. A breakout under the 20-day Simple Moving Average exposes the 50-day line.
Negative RSI divergence is also present, showing that upside momentum is fading.
Otherwise, key resistance is the 1978 - 1998 zone above.