Following
7/23/2021 8:02:37 PM GMT
Gold closed near the lower limit of the weekly channel.
Additional losses are likely if XAU/USD breaks below the 100-day SMA.
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Following a four-week winning streak, the XAU/USD pair struggled to make a decisive move in either direction and fluctuated between key technical levels. After rising above $1,820 on Tuesday, gold turned south in the second half of the week but managed to close the week a little above the key 100-day SMA, which is currently located at $1,796.
What happened last week
In the absence of high-tier macroeconomic data releases and fundamental developments, risk perception remained the primary market driver earlier in the week. The sharp decline witnessed in Wall Street’s main indexes on Monday and Tuesday allowed the greenback to find demand. However, gold also capitalized on risk-off flows, suggesting that the precious
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