Gold Plummets, Awaiting Support at 2,487 and U.S. Data
Global gold prices have declined for four consecutive sessions, closing on November 13 with a $25 drop to $2,572 per ounce, pressured by a stronger USD and rising U.S. bond yields following higher-than-expected CPI data.
Today, XAUUSD remains in a clear downtrend after breaking out of its ascending channel, currently trading around 2,562 with the potential to decline further toward the key support level at 2,487.
The 89 and 34 EMA lines are above the current price, acting as dynamic resistance levels, adding selling pressure and reinforcing the downtrend. If the price reaches 2,487 and shows signs of a rebound, this could be a potential reversal point for a short-term recovery. Conversely, if this support is broken, the downtrend could extend.
In the current environment, investors should closely monitor U.S. economic data, especially Fed policy, to seize trading opportunities as gold prices continue to show significant volatility.
Today, XAUUSD remains in a clear downtrend after breaking out of its ascending channel, currently trading around 2,562 with the potential to decline further toward the key support level at 2,487.
The 89 and 34 EMA lines are above the current price, acting as dynamic resistance levels, adding selling pressure and reinforcing the downtrend. If the price reaches 2,487 and shows signs of a rebound, this could be a potential reversal point for a short-term recovery. Conversely, if this support is broken, the downtrend could extend.
In the current environment, investors should closely monitor U.S. economic data, especially Fed policy, to seize trading opportunities as gold prices continue to show significant volatility.
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