XAUUSD Short-Term Recovery: Testing Resistance at 2,626!
XAUUSD is in a short-term recovery trend after bouncing off the key support level at 2,591.411, with a target of reaching the resistance zone at 2,626.511.
If it can break through this resistance, the upward momentum could push prices higher towards 2,639.225. However, if resistance holds and selling pressure emerges, the price may retreat to test the support at 2,591.411 again.
This short-term uptrend for gold is currently restrained by the strength of the USD and expectations that the Fed will maintain high interest rates. Investors should closely monitor U.S. economic indicators, as they will be crucial in determining gold’s recovery potential and present trading opportunities in the current environment.
If it can break through this resistance, the upward momentum could push prices higher towards 2,639.225. However, if resistance holds and selling pressure emerges, the price may retreat to test the support at 2,591.411 again.
This short-term uptrend for gold is currently restrained by the strength of the USD and expectations that the Fed will maintain high interest rates. Investors should closely monitor U.S. economic indicators, as they will be crucial in determining gold’s recovery potential and present trading opportunities in the current environment.
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