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Gold falls below $4,120 as EUR/USD stays under pressure

XAU/USD traded as low as $4,110 and settled below both the 100 and 200-hour moving averages, while EUR/USD remained below 1.1275 with bearish pressure.

Reported · Written up by our desk · Major Pairs

Gold slipped further against the US dollar, failing to hold above $4,250 and dipping below $4,200 before testing support around $4,120, according to technical analysis from Action Forex.

The outlet said the 4-hour XAU/USD chart showed prices traded as low as $4,110 and settled well below the 100 simple moving average and the 200 simple moving average. It also pointed to resistance near $4,200, with the first key resistance around $4,260.

Action Forex added that bulls would need a move above $4,260 to shift momentum higher, while fresh declines could bring a retest of $4,080, then $4,050 and potentially $4,000, with further weakness potentially extending toward $3,850.

On EUR/USD, Action Forex reported that bears remained in control and could target a move below 1.1120, keeping the pair bearish while it stayed under 1.1275.

Latest closeGold $4,150.40 ▼0.3%|EUR/USD 1.122 ▼0.3%

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