dvdubrovsky

Gold Leaves Behind Bearish Engulfing as Fed Push Losses Steam

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FX_IDC:XAUUSD   Guld / USA-dollar
Gold prices dropped almost 2 percent on Thursday, the most since the summer of 2020.

XAU/USD was unable to find follow-through after a boost from the Fed earlier this week. Upbeat US jobless claims brought data into focus ahead of Friday's non-farm payrolls report, pushing up the US Dollar.

A Bearish Engulfing is in focus. Downside follow-through is lacking at the time of publishing. A breakout under the 20-day Simple Moving Average exposes the 50-day line.

Negative RSI divergence is also present, showing that upside momentum is fading.

Otherwise, key resistance is the 1978 - 1998 zone above.

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