Gold XAUUSD Chart Technical Outlook is set to remain in defensive mode on lower ground, $2,306 is critical for bulls to hold.
XAU/USD has set a lower high at $2,337 after a streak of four higher lows. A break below $2,316 puts it at risk of breaking below one of those higher lows, which awaits at $2,306. Slipping below that point would open the door for bears to push toward $2,286. Resistance is at $2,316 and $2,337. The slip below the 4h-50 SMA is another bearish sign, but the broad trend is sideways.
What about fundamentals? US data has been soft, but not horrible. The Conference Board’s Consumer Confidence edged down but held above the 100 lines, showing some stability. Today’s data point is New Home Sales, which are set to remain stable at around 634K seen last month.
I expect Gold to hold up and consolidate within this lower range. However, there is no downside catalyst, and merely staying in range would help the precious metal move higher later in the week. US 10-year yields are stable and will likely stay so. Jobless claims, final
