Illustration photo of Gold Price H4 Chart from fxempire.com
The U.S. yields had a strong momentum while the dollar experienced an upward surge that pushed gold prices down.
Sliding towards the 10-day line support of a $1902 moving average, resistance for the precious metal is seen near January highs at $1959. A medium-term uptrend is also in place as the 10-day moving average crossed above the 50-day moving average.
A crossover sell signal generated by a fast stochastic resulted in a negative short-term momentum. The current fast stochastic reading is 73, down from 88, which reflects a decelerating positive momentum.
A positive medium-term momentum is expected as the moving average convergence divergence (MACD) points to higher prices as its histogram prints in the black with a positive trajectory.
FOLLOWME XAU/USD Overall Sentiment (As of 9:48 a.m., Jan 8, 2021)
Short - 50.66%
Long - 49.34%
Source: fxstreet.com
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