XAU/USD testing strong support

During the Asian trading hours, XAU/USD turned bearish after failing to break above the $1,760 resistance and retreated to the $1,730 area, where the Fibonacci 38.2% retracement of Mar. 31-Apr. 8 uptrend is located. Additionally, the 100-period and the 200-period SMAs on the four-hour chart, as well as the 20-day SMA, are reinforcing that support. As long as bulls continue to defend this level, gold could try to retest the 50-day SMA.