Gold Price Gains 0.8% But Upside Capped by Bearish EMA
Gold (XAU/USD) rose 0.8% to near $4,110 during European trading on Thursday as the US dollar weakened, but the 20-day EMA's downward slope suggests limited upside.
XAUUSD
Gold price advanced 0.8% to approximately $4,110 in European trading on Thursday, buoyed by a softer US dollar. The dollar edged lower despite a modest improvement in market expectations for the Federal Reserve's next monetary policy decision.
Despite the intraday gain, the 20-day exponential moving average (EMA) continues to slope lower, indicating that any recovery attempts may face resistance. Traders remain cautious as the bearish EMA signal could cap further upside, with the near-term outlook dependent on dollar dynamics and Fed guidance.
Source: FXStreet Forex News