XAU/USD: Drama at Resistance and Support Levels
XAU/USD is painting a dramatic picture as gold prices currently fluctuate around $2,643.565.
The strong support at $2,631.161 acts as the "last fortress" protecting buyers from a deeper decline. However, selling pressure is increasing, especially with the price unable to break through the key resistance at $2,662.996.
Notably, the EMA 34 ($2,651.503) and EMA 89 ($2,631.725) are providing solid support for the bullish trend. Yet, the MACD indicator is flashing a less favorable signal, with a bearish crossover potentially intensifying short-term correction pressure.
If gold fails to break through resistance, the price is likely to reverse and test lower support levels. This creates a risky scenario for buyers. All eyes are now on U.S. economic data and Fed actions, factors that could bring significant market volatility.
The strong support at $2,631.161 acts as the "last fortress" protecting buyers from a deeper decline. However, selling pressure is increasing, especially with the price unable to break through the key resistance at $2,662.996.
Notably, the EMA 34 ($2,651.503) and EMA 89 ($2,631.725) are providing solid support for the bullish trend. Yet, the MACD indicator is flashing a less favorable signal, with a bearish crossover potentially intensifying short-term correction pressure.
If gold fails to break through resistance, the price is likely to reverse and test lower support levels. This creates a risky scenario for buyers. All eyes are now on U.S. economic data and Fed actions, factors that could bring significant market volatility.
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