Gold is mildly bullish in the near term, still needs to surpass $1,949.80 XAU XAUUSD $XAU $XAUUSD
Stocks turned red, with Wall Street down for a third consecutive day.Spot gold grinds higher amid a souring market’s mood and hawkish central banks, currently trading at around $1,935 a troy ounce. The bright metal topped $1,937.78 during US trading hours as speculative interest was spooked away from high-yielding assets. The United Nations voted to suspend Russia from the UN Human Rights Council after allegations of atrocities committed by Russian soldiers during the war in Ukraine.
European indexes turned red, while Wall Street is down for a third consecutive day, favoring demand for safe-haven gold.Spot gold trades at the upper end of its latest range, with the bullish potential still limited. The daily chart shows that it is struggling with a mildly bearish 20 SMA while above the longer ones. Technical indicators hold within neutral levels, the RSI directionless and the Momentum advancing., XAUUSD perspective is neutral-to-bullish.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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