XAUUSD: Nonfarm Payrolls holds the key!

XAU/USD is experiencing a second consecutive day of decline, although it has managed to rebound from its recent low and is currently trading around 1,190. On the daily chart, technical analysis indicates that the 20 Simple Moving Average (SMA) is showing a bearish trend below the 100 SMA, acting as a resistance level at 1,930.70. The 200 SMA, on the other hand, is losing its bullish momentum well below the current level. Additionally, the technical indicators are displaying neutral to bearish slopes within negative levels, suggesting that the downside risk remains.

Looking at the 4-hour chart, bears are currently dominating the XAU/USD pair. It is trading below all of its moving averages, with the 20 SMA gaining strength in its bearish trend below the longer ones. Moreover, the technical indicators are trending downwards and approaching oversold levels.

Support levels: 1,903.00 1,892.95 1,877.10

Resistance levels:1,922.50 1,930.70 1,945.20

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