- Gold fell to a new two-week low on Thursday.
- The short-term technical outlook appears to have turned bearish.
- Initial support for XAU / USD sits at $ 1,765 before $ 1,760.
The pair XAU / USD it came under heavy downward pressure on Thursday and fell to its lowest level in two weeks at $ 1,756. Although the pair managed to erase a small portion of its daily losses, it was last seen shedding 0.75% on the day at $ 1,768. The sharp rally in 10-year US Treasury yields weighed heavily on gold.
Gold technical outlook
The Relative Strength Index on the four-hour chart fell to 40, suggesting that buyers are struggling to regain control of the price. On the downside, initial support is at $ 1,765 (50% retracement of the last uptrend / 100-period SMA). With a daily close below that level, the XAU / USD could retest $ 1,760 (Fibonacci retracement 61.8%) before $ 1,747 (200-period SMA).
Resistance lines up at $ 1,775 (Fibonacci retracement 38.2%), $ 1,780 (50-period SMA) and $ 1,783 (Fibonacci retracement 23.6%).
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