XAU/USD Consolidates in Narrow Range, Awaiting Breakout
XAU/USD is trading sideways around the $2,630 level, reflecting a consolidation phase after previous fluctuations. On the 4-hour chart, the key resistance zone at $2,652 - $2,655 is reinforced by a descending trendline and the 89 EMA ($2,637), acting as a dynamic barrier. Conversely, the major support lies at $2,608 - $2,610, where buying pressure has emerged to prevent further declines.
Gold price movement remains limited due to low trading volumes following the holiday season. Market sentiment is cautious as investors monitor safe-haven demand amid global economic uncertainties and expectations for the Fed's interest rate policies in 2025. Nonetheless, gold's safe-haven appeal may help prices sustain support levels.
In the short term, if XAU/USD breaks above the $2,652 resistance, the next target would be $2,680, signaling a new bullish wave. Conversely, failure to clear this resistance zone could lead to a pullback toward the $2,610 support area or a retest of the $2,600 region.
Traders should closely watch economic news and U.S. interest rate expectations, as any unexpected developments could trigger significant volatility in this low-liquidity environment.
Gold price movement remains limited due to low trading volumes following the holiday season. Market sentiment is cautious as investors monitor safe-haven demand amid global economic uncertainties and expectations for the Fed's interest rate policies in 2025. Nonetheless, gold's safe-haven appeal may help prices sustain support levels.
In the short term, if XAU/USD breaks above the $2,652 resistance, the next target would be $2,680, signaling a new bullish wave. Conversely, failure to clear this resistance zone could lead to a pullback toward the $2,610 support area or a retest of the $2,600 region.
Traders should closely watch economic news and U.S. interest rate expectations, as any unexpected developments could trigger significant volatility in this low-liquidity environment.
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