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Can gold buyers keep the momentum going after yesterday’s fall?


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Gold retreated in overnight trading as the risk mood was boosted by Trump scaling back on China tariffs


ForexLive

It’s back to looking at the near-term chart for gold following yesterday’s surprise. Gold fell sharply from $1,520 levels to $1,480 as Trump announced a delay on some China tariffs.
Price tested the 38.2 retracement level before bouncing back up, just before a test of the 200-hour MA (blue line). Of note, the rebound has seen gold continuously test the 100-hour MA (red line) since but buyers are unable to claim a firm break above that level.
That means the near-term bias in gold remains more neutral for now. So, what’s next?
It’s all about the battle of the key hourly moving averages and for buyers, there is also a need to hold firmly above the $1,500 level.
As mentioned yesterday, if buyers can just hold above $1,500 this week, that’ll be considered a win already to keep the upside momentum going. But in this case, I reckon it’s more reassuring if they can keep above the 100-hour MA.
Meanwhile, for sellers, any further downside retracement requires a break back below the 200-hour MA first and also the 38.2 retracement level. That should allow for a further pullback in the near-term before the focus turns back towards central banks easing in September.

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