XAUUSD Buy

25 nov

After recovering toward $2,700 during the European trading hours, Gold reversed its direction and dropped below $2,650. Despite falling US Treasury bond yields, easing geopolitical tensions don't allow XAU/USD to find a foothold.

The daily chart for XAU/USD shows the risk skews to the downside. The pair accelerated south after breaking below a now bearish 20 Simple Moving Average (SMA), while technical indicators turned sharply lower within negative levels after failing to overcome their midlines. The 100 and 200 SMAs maintain their upward slopes, with the shorter one currently at around $2,563, a critical support level in the upcoming sessions.In the near term, and according to the 4-hour chart, XAU/USD is also at risk of extending its slide. The pair fell below all its moving averages, with the 100 SMA gaining downward momentum at around $2,655. Finally, technical indicators head firmly south within negative levels without showing signs of bearish exhaustion.Spot GOLD trades around $2,630, having shed roughly $30 after Wall Street’s opening. The bright metal has been under selling pressure since early in Asia, maintaining a sour tone as the day comes to an end. XAU/USD fell despite the broad US Dollar’s weakness, as a better market mood pushed investors away from safe-haven assets.