Gold Defends $4,100 as Bulls Eye 21-Day SMA
Gold is holding above $4,100 early Friday, attempting to extend its rebound from four-day lows near $4,022, with the 21-day SMA remaining a key resistance level for bulls.
Gold is defending the $4,100 mark in early Friday trading, trying to build on the recovery from this week's four-day low of $4,022. The rebound comes as Middle East tensions show no signs of easing, providing underlying support for the safe-haven asset.
Bulls now face a familiar hurdle: the 21-day simple moving average (SMA). This level has repeatedly acted as a pivot for XAU/USD in recent sessions. A decisive break above the SMA could open the door for further gains, while failure may lead to renewed selling pressure.
The precious metal's ability to hold above $4,100 is seen as a short-term positive, but traders remain cautious ahead of any escalation in geopolitical risks or shifts in US rate expectations.
Source: FXStreet Forex News