GOLD XAUUSD Chart Technical Outlook stalls the sell-off ahead of US data
Gold trades in a bearish channel. There is no indication that the sell-off is over. Intraday charts show oversold and bullish divergence in RSI. This might trigger upside correction. Rallies could be faded as DXY and US10Y are still at high ground.
The US Retail Sales, Initial Jobless Claims, and NY Empire State Manufacturing Index are due today for further clues on employment and business activity. Recent data were strong, spurring the Fed to hold rates higher for longer – good for USD and yields but bad for Gold.
I expect a flat-to-high price action ahead of the data.
Resistances: 2,010, 2,075
Supports: 1,975, 1,950
