Gold Spot / U.S. DollarUpdated XAUUSD Hits Resistance, Awaiting Fed Signal
XAUUSD is currently trading around $2,573, approaching a key resistance level at $2,587.
If it fails to break through, the price may correct towards the support zone at $2,536 before a potential strong recovery.
The EMA 34 ($2,557) and EMA 89 ($2,530) continue to support the uptrend, but with the RSI at 67.87, the market shows signs of being overbought, increasing the likelihood of a correction.
Gold has attracted some dip-buying on Wednesday as rising bets on a 50 bps rate cut from the Fed test the recovery of the US dollar.
If it fails to break through, the price may correct towards the support zone at $2,536 before a potential strong recovery.
The EMA 34 ($2,557) and EMA 89 ($2,530) continue to support the uptrend, but with the RSI at 67.87, the market shows signs of being overbought, increasing the likelihood of a correction.
Gold has attracted some dip-buying on Wednesday as rising bets on a 50 bps rate cut from the Fed test the recovery of the US dollar.
Trade active
nice
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.