XAUUSD Facing Resistance Pressure, Clear Downtrend
The 4-hour (H4) chart of XAUUSD shows a strong resistance at $2,500, where the price has repeatedly failed to break through, indicating dominant selling pressure.
The 34-day EMA at $2,506, close to the current resistance, reinforces the short-term downtrend if the price cannot surpass this level.
Current candlestick patterns also support the short-term bearish trend, especially as the price has tested and failed to break the $2,500 resistance multiple times.
Regarding news: International economic and political factors, particularly U.S. labor data this week, will be key influencers on gold prices. If employment data is positive, the USD may strengthen, putting further downward pressure on XAUUSD.
The 34-day EMA at $2,506, close to the current resistance, reinforces the short-term downtrend if the price cannot surpass this level.
Current candlestick patterns also support the short-term bearish trend, especially as the price has tested and failed to break the $2,500 resistance multiple times.
Regarding news: International economic and political factors, particularly U.S. labor data this week, will be key influencers on gold prices. If employment data is positive, the USD may strengthen, putting further downward pressure on XAUUSD.
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