Gold Prices Recover, Awaiting a Breakout at 2706.275
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Gold prices rose during Asian trading on Thursday as escalating tensions between Russia and Ukraine boosted demand for safe-haven assets, helping gold maintain its upward momentum despite the strength of the USD.
XAUUSD is showing a strong recovery from the key support level of 2649.094 and is now approaching the resistance level at 2706.275. The EMA 34 (2635.141) and EMA 89 (2647.073) continue to act as supports, reinforcing the short-term bullish trend. If the price breaks above 2706.275, the next target will be 2749.733, corresponding to a higher resistance zone.
Market sentiment currently supports gold prices due to geopolitical tensions and the Fed's decision to maintain interest rates. Traders should closely monitor price action at these critical levels to develop effective trading strategies.
XAUUSD is showing a strong recovery from the key support level of 2649.094 and is now approaching the resistance level at 2706.275. The EMA 34 (2635.141) and EMA 89 (2647.073) continue to act as supports, reinforcing the short-term bullish trend. If the price breaks above 2706.275, the next target will be 2749.733, corresponding to a higher resistance zone.
Market sentiment currently supports gold prices due to geopolitical tensions and the Fed's decision to maintain interest rates. Traders should closely monitor price action at these critical levels to develop effective trading strategies.
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