FX.co ★ Death-X-PK | XAU/USD, GOLD

XAUUSD 1-H Time Frame Update The XAU/USD pair has not advanced technically. It consolidates close to record highs and trades barely altered for the third day in a row. With a bullish 20 Simple Moving Average (SMA) speeding north over the longer ones, the pair is still well above all of its moving averages, according to the daily chart. Technical indicators, meanwhile, remained within overbought values and only slightly deviated from their previous peaks. The short-term outlook is indifferent. While the 100 and 200 SMAs continue to hold their strong upward slopes well below the present level, the XAU/USD pair struggles to rise above a positive 20 SMA on the 4-hour chart. While the Momentum indicator is still below its 100 line and does not exhibit any real strength, technical indicators in the meantime reduced their slides and turned north. Overall, with only slight bearish corrections on the horizon, gold is probably going to continue its consolidative phase. The price of gold hovered at $3,630 during the mid-American session on Thursday, staying within well-known bounds. Prior to first-tier events, the XAU/USD pair experienced a little intraday decline that failed to generate activity around the precious metal. On the one hand, the European Central Bank (ECB) declared after the September meeting that it would maintain benchmark interest rates at their current level. The decision had little effect on financial markets and was mostly expected by market participants, albeit the euro (EUR) lost some ground in the face of new forecasts of slower Eurozone growth. However, the August Consumer Price Index (CPI), which was provided by the US, indicated that inflation stayed persistent during the month. Support levels: 3,625.85, 3,608.40, 3,597.10 Resistance levels: 3,650.00, 3,675.00, 3,690.00