Gold May Undergo Short-Term Correction as USD Rebounds

📊 Market Overview
Gold (XAU/USD) is trading around $3,309/oz after retreating from the $3,350 region during the Asian session today. Selling pressure emerged as U.S. Treasury yields rose and the USD rebounded slightly, despite expectations of potential Fed rate cuts in the near future.

📉 Technical Analysis
• Key Resistance: $3,350
• Nearest Support: $3,290
• EMA 09: Current price is below the EMA 09, indicating a short-term bearish trend.
• The downtrend is confirmed by bearish candlestick patterns and increasing trading volume in recent sessions.

📌 Outlook
Gold may continue its short-term correction if the USD continues to rebound and U.S. Treasury yields remain elevated. However, long-term support factors such as concerns over U.S. national debt and expectations of Fed rate cuts persist.