Gold Price Drops as Investors Take Profits
The XAU/USD chart presents an interesting market scenario, with gold currently hovering around $2,636.120.
Key support levels at $2,613.983 and $2,607.217 act as a "shield" for buyers, preventing deeper declines.
The strong resistance at $2,677.741 has become the primary target. If gold surpasses this level, a continued upward momentum could occur, aiming for new highs.
The breakdown of Middle East peace talks, weakening U.S. job market, a potential 0.5% rate cut by the Fed, and China's stimulus boost – these factors may drive gold prices higher in the future.
Key support levels at $2,613.983 and $2,607.217 act as a "shield" for buyers, preventing deeper declines.
The strong resistance at $2,677.741 has become the primary target. If gold surpasses this level, a continued upward momentum could occur, aiming for new highs.
The breakdown of Middle East peace talks, weakening U.S. job market, a potential 0.5% rate cut by the Fed, and China's stimulus boost – these factors may drive gold prices higher in the future.
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