XAU/USD consolidates above the 20-day SMA ahead of US CPI
The daily chart suggests that the buyers have taken the lead over the sellers in the short term after conquering the 20-day SMA. However, the bulls still have some work to do to confirm the positive bias and need to retake the 100-day SMA, currently at $1,950. Meanwhile, the Relative Strength Index (RSI) points north, still below its midline, while the Moving Average Convergence Divergence (MACD) prints higher green bars.
Resistance levels: $1,940, 1,950 (100-day SMA), $1,970.
Support levels: $1,915, $1,900, $1,890.
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