Gold sees early upside this week checked back for now

<p>If you go by the weekly chart, there is still no firm technical breakout for gold just yet. And that is keeping a lid on gains as buyers are starting to get a little angsty about chasing a further jump higher in gold.</p><p>The retreat yesterday met a low of $2,055, and was defended by its 200-hour moving average. That technical point is now seen at $2,058.59 with price action sitting in between that and the 100-hour moving average of $2,070.25. As such, the near-term bias for gold is now more neutral as traders get settled into the new week.</p><p>If buyers want to chase a break higher, they need to break above $2,070 and more importantly work towards securing a weekly close above the 2020 highs at $2,075. It's not a big leap from where we are now but it still could be a tough one, even with a more favourable seasonal tailwind as highlighted before.</p><ul><li><a href="https://www.forexlive.com/news/gold-tees-up-the-new-year-by-continuing-its-december-hot-streak-20231228/" target="_blank" rel="follow">Gold tees up the new year by continuing its December hot streak</a></li><li><a href="https://www.forexlive.com/news/gold-set-for-yet-another-january-rush-20231226/" target="_blank" rel="follow">Gold set for yet another January rush?</a></li></ul>

This article was written by Justin Low at www.forexlive.com.