XAU/USD Uptrend Remains Strong

14 jam lalu

Gold prices have recovered from recent declines and are currently trading around 2,690 USD during the Asian session, following a pullback from a five-week high. On the 4-hour chart, gold is moving within a stable uptrend channel, strongly supported by the EMA 34 at 2,679 USD and the EMA 89 at 2,663 USD. These are key dynamic support levels that help maintain the short-term bullish momentum.

The nearest support lies at 2,676 USD, aligned with the lower boundary of the uptrend channel. If the price holds above this level, the likelihood of a rebound to test the resistance at 2,725 USD is very high. Should this resistance be breached, the next target would be 2,750 USD, or even as high as 2,770 USD. Conversely, if the price breaks below 2,676 USD, selling pressure could drive gold toward the 2,663 USD support before recovering.

The upward-sloping EMAs and increased trading volume near support levels indicate that the bullish momentum remains intact. With the Fed's interest rate decision due next week, traders should closely monitor key support and resistance zones to optimize their strategies, as the short-term outlook remains firmly bullish.