Gold Faces Resistance: Awaiting Fed's Decision
Gold prices fell for the sixth consecutive session on Wednesday due to a strengthening USD and fading expectations of a sharp interest rate cut in November 2024.
XAUUSD is now approaching the strong resistance level at 2,676 after bouncing from the key support at 2,605. If the price breaks through this resistance, the upward momentum may continue; otherwise, a deep correction could bring the price back to support.
U.S. inflation reports and the Fed’s policy will play a crucial role in determining gold’s next move, as the market closely watches signals related to interest rates and the USD.
XAUUSD is now approaching the strong resistance level at 2,676 after bouncing from the key support at 2,605. If the price breaks through this resistance, the upward momentum may continue; otherwise, a deep correction could bring the price back to support.
U.S. inflation reports and the Fed’s policy will play a crucial role in determining gold’s next move, as the market closely watches signals related to interest rates and the USD.
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