XAU/USD: Break Through $2,683 or Correct Down to $2,644?
The XAU/USD chart reveals a critical situation as gold prices hover around $2,659.915.
Currently, strong support at $2,644.626 is helping to prevent a deeper decline. The EMA 34 and 89 lines at $2,652.357 and $2,618.574, respectively, are also playing a role in supporting the uptrend.
The key resistance level to break is $2,683.746. If the price can breach this level, the potential for continued upward momentum to higher levels will open up. However, if it fails, the likelihood of a downward correction becomes clearer, with the target being the lower support zone.
Additionally, hot economic news from the U.S. and significant updates from the Fed could strongly influence gold price movements in the near future.
Currently, strong support at $2,644.626 is helping to prevent a deeper decline. The EMA 34 and 89 lines at $2,652.357 and $2,618.574, respectively, are also playing a role in supporting the uptrend.
The key resistance level to break is $2,683.746. If the price can breach this level, the potential for continued upward momentum to higher levels will open up. However, if it fails, the likelihood of a downward correction becomes clearer, with the target being the lower support zone.
Additionally, hot economic news from the U.S. and significant updates from the Fed could strongly influence gold price movements in the near future.
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