Gold Sideways: Waiting for a Breakout to Determine the Next Tren
Updated
Gold is currently trading sideways between resistance at 2,530 and support at 2,480, awaiting a breakout to determine the next trend.
EMA 34: Acting as near-term support, indicating a short-term uptrend. If the price falls below EMA 34, selling pressure could increase. EMA 89 provides medium-term support; maintaining the price above EMA 89 will support the uptrend.
Traders should look for confirmation signals from a breakout model. A price move beyond the resistance or support levels will signal a clear trading opportunity.
Whales are trading large volumes, creating strong volatility and potentially causing unexpected gold price increases.
EMA 34: Acting as near-term support, indicating a short-term uptrend. If the price falls below EMA 34, selling pressure could increase. EMA 89 provides medium-term support; maintaining the price above EMA 89 will support the uptrend.
Traders should look for confirmation signals from a breakout model. A price move beyond the resistance or support levels will signal a clear trading opportunity.
Whales are trading large volumes, creating strong volatility and potentially causing unexpected gold price increases.
Trade active
Today, September 7th, the price of gold (XAUUSD) slightly decreased to $2,497.57/oz, down 0.79% after hitting resistance. The decline was driven by a stronger USD and a disappointing Non-Farm Payroll (NFP) report from the U.S., which raised concerns about the Federal Reserve's interest rate policy.
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