After a week of erratic movements characterized by spikes both up and down,
XAUUSD
bears succeeded in pushing the price below the 2030 median support level, reaching a low within the 2015 zone.
Subsequently, a reversal ensued, and the price has now rebounded above 2025. However, considering the new fundamental developments and the unlikelihood of a rate cut at the next meeting, Gold may encounter headwinds, potentially leading to further price declines and a revisit to the 2005 low.
Moreover, a break below this level would expose the significant technical support at 1980. The overall market structure remains bearish below the 2040 mark.
Subsequently, a reversal ensued, and the price has now rebounded above 2025. However, considering the new fundamental developments and the unlikelihood of a rate cut at the next meeting, Gold may encounter headwinds, potentially leading to further price declines and a revisit to the 2005 low.
Moreover, a break below this level would expose the significant technical support at 1980. The overall market structure remains bearish below the 2040 mark.
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A break here would expose yesterday's low.