Gold Surges to Two-Week High Driven by Declining US Bond Yields

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Content: The daily chart for the XAU/USD pair reveals it's holding near the day's high, with the bulls still in control. However, the precious metal is trading below the 20-day Simple Moving Average (SMA), losing some downside price momentum and offering dynamic resistance at around $1,880. Meanwhile, technical indicators continue to advance in a neutral manner, reflecting persistent buying interest but not indicating a strong upward trend.

The short-term picture leans towards an upward bias in risk. XAU/USD is struggling to surpass the mildly declining 100-day SMA, while the 20-day SMA remains well below the current level. Moreover, technical indicators hold a positive bias but lack strong directional strength. Additionally, the Momentum indicator shows a bearish divergence as it stabilizes significantly lower compared to recent highs.

Support Levels: $1,865.35, $1,853.00, $1,844.10

Resistance Levels: $1,879.90, $1,891.40, $1,904.70

In summary, gold has reached a two-week high as US bond yields decline, with a short-term bullish bias. However, the metal faces resistance at the 20-day SMA, and technical indicators suggest cautious optimism with limited upward momentum. Traders should monitor the key support and resistance levels for potential trading opportunities.

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