XAUUSD Chart Technical Outlook heads lower on strong data, bears eye 1,935
XAU/USD has breached a support zone and is currently searching for a new floor, as the USD and yields surged due to hawkish remarks from Fed’s Logan and robust labor data. Although it appears oversold on intraday charts, there is still potential for further downside movement, although not necessarily a significant drop. It can test the broken level first.
Monitoring the DXY and US10Y for a reversal will aid in determining when Gold is likely to reach its bottom and initiate a bullish trend.
Resistances: 1,975, 1,990
Supports: 1,950, 1,935
