Article by: ETO Markets

Due to the lack of pertinent macroeconomic data and the speculative interest that is building for a long weekend because of the Easter vacations, activity across financial boards is still restricted. Investors are also anticipating the release of the US Personal Consumption Expenditures Price Index for February, which will provide an update on inflation in the US.

The risk is skewed to the upside because XAU/USD is up for the third straight day. The yellow metal continues to rise over bullish moving averages and posts lower lows. Dynamic support is offered by the 20-SMA, which keeps a firmly bullish slope well above the longer ones at $... As bulls continue to dominate, technical indicators continue to grind higher within favorable levels.

However, the 4-hour chart indicates that XAU/USD is neutral to positive in the near future. Technical indicators do not move in a bearish direction; instead, they stay far above their midlines. Simultaneously, the pair encountered intraday buyers at a 20-SMA that is developing above bullish longer ones and is bullish.