Article by: ETO Markets

The price of gold continues to rise on Tuesday. The US dollar's decline, along with recent Non-Farm Payrolls statistics that increased expectations that the Federal Reserve will lower interest rates later this year, has contributed to the yellow metal's recent surge. However, indications of persistent political unrest in the Middle East could increase the number of people seeking refuge there and raise the price of gold.

The 4-hour chart indicates that XAU/USD is beginning to lose its early strength. Technical indicators are flattening but are still in bullish ranges. The pair is still moving average-bound now, with a bearish 100-SMA offering dynamic resistance near $... Positively, the risk is skewed to the upside as the 20-SMA continues to grind lower below the present level. The resistance is near $… while the support awaits at $...