Sat, Feb 04, 2023 @ 11:16 GMT
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XAU/USD Consolidates Gains

Gold struggles as the US dollar bounces due to repositioning ahead of the job report. The price has been consolidating above the previous double top formed by September’s and October’s highs near 1725, which sits over the 20-day moving average. Sentiment has turned upbeat following the breakout and a bullish MA cross on the daily chart. 1767 is the closest resistance and its breach would extend the rally to August’s peak at 1805. A drop below 1725, however, could trigger a liquidation below the psychological level of 1700.

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