Gold prices continue to hover in a narrow trading range as the market attempts to build positive momentum. During the most recent intraday session, gold settled lower but remained supported by key technical indicators that suggest potential for a recovery in the short term.
Despite the subdued movement, analysts note that gold remains above its 50-day Exponential Moving Average (EMA50), a dynamic support level that reinforces the overall bullish trend seen on the short-term charts. The precious metal is also trading near a technical bias line, further supporting the upward trajectory.
Technical momentum indicators, particularly the Relative Strength Index (RSI), show a recent shift. After reaching previously oversold levels, the RSI now reflects exaggerated overbought conditions relative to the price movement. This divergence suggests that gold may face limited upward momentum in the near term and could continue to consolidate sideways on the intraday charts before making a decisive move.
EUR/USD Pair Attempts Short-Term Recovery
In currency markets, the EUR/USD pair showed signs of recovery during the latest intraday session, finding support from the 50-day EMA. The moving average provided a base for the pair to regain some of the ground lost in recent sessions.
This rebound follows a sharp decline that occurred after the euro failed to breach the resistance level at 1.1550, which triggered a bearish correction. The downward movement was accompanied by negative RSI signals, confirming weakening momentum and initiating a corrective wave on a short-term basis.
As the pair attempts to stabilize, market participants will be closely monitoring whether the EUR/USD can sustain its recovery or face renewed selling pressure, particularly if resistance remains firm.
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