Short Term Support Zone.
Gold (XAUUSD) is experiencing a bullish move today, trading around $2,657 as of October 17, 2024, reflecting a gain of 0.91%. The price action remains volatile, influenced by geopolitical tensions and expectations of upcoming U.S. economic data. The broader trend shows gold consolidating within the $2,636 - $2,675 range.
If it breaks above $2,670, strong resistance may push prices towards the $2,685 level, though a correction remains likely if bearish sentiment strengthens.
Key drivers include anticipation around U.S. inflation data and global market uncertainty, which are likely to continue influencing gold's trajectory.
For short-term trading, watching the $2,654 support level is crucial for assessing potential downward moves.
If it breaks above $2,670, strong resistance may push prices towards the $2,685 level, though a correction remains likely if bearish sentiment strengthens.
Key drivers include anticipation around U.S. inflation data and global market uncertainty, which are likely to continue influencing gold's trajectory.
For short-term trading, watching the $2,654 support level is crucial for assessing potential downward moves.
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