Gold Nears Peak, Awaiting Breakout at 2,530
Updated
Gold prices rose in the Asian session on Thursday, nearing record highs as the dollar cooled ahead of key inflation data that could influence rate cut prospects.
XAUUSD is in an uptrend, supported by the EMA 34 and EMA 89 lines. The price is currently fluctuating around 2,515, showing signs of a continued uptrend.
Support 1 at 2,440 and Support 2 at 2,490 serve as key support levels. These levels align with the EMA lines, indicating strong support.
The main resistance zone is around 2,530, where the price may struggle to break through. If this resistance is clearly breached, a strong breakout could occur, and the price may continue to rise to higher levels.
A clear break above the 2,530 resistance could signal a good buying opportunity. The next target could be higher levels around 2,550 or beyond.
XAUUSD is in an uptrend, supported by the EMA 34 and EMA 89 lines. The price is currently fluctuating around 2,515, showing signs of a continued uptrend.
Support 1 at 2,440 and Support 2 at 2,490 serve as key support levels. These levels align with the EMA lines, indicating strong support.
The main resistance zone is around 2,530, where the price may struggle to break through. If this resistance is clearly breached, a strong breakout could occur, and the price may continue to rise to higher levels.
A clear break above the 2,530 resistance could signal a good buying opportunity. The next target could be higher levels around 2,550 or beyond.
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The global gold price today continues to maintain a slight downward trend as the USD strengthens and U.S. Treasury yields rise. The USD is strongly supported by positive economic data from the U.S., particularly from the labor market and a better-than-expected Q2 GDP report. This diminishes the appeal of gold as a safe-haven asset.Trade active
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