XAU/USD tested by job data and technical crossovers

Gold surged by over $20 amid reports of China continuing to accumulate reserves and uncertainty around President-elect Donald Trump’s conflicting signals and tariff policies.

However, the metal has since retraced some of those gains following the release of the latest U.S. job openings data, which hit a six-month high at 8.098 million. Currently, Gold remains up $13+ for the day.

In the short term, analysis of the 1-hour chart suggests that Gold’s rally may be losing momentum. XAU/USD continues to trade above all its moving averages, but the 100 SMA crossing above the 50 SMA indicates caution for bulls considering additional long positions. Technical indicators are largely flat, though the Relative Strength Index (RSI) sits just below 60, potentially capping the pair's bearish outlook.