XAUUSD in Tug of War: Strong Support or Deep Correction?
The XAUUSD chart on November 4 shows gold oscillating around the critical support level of 2,718 USD/oz, with the EMA 34 and 89 lines providing main support.
If this support holds, gold may rebound toward the resistance level at 2,757 USD/oz. However, the MACD shows a bearish divergence, signaling potential for continued correction, while the RSI indicates oversold conditions, suggesting a possible short-term recovery.
Recent U.S. news highlights expectations that the Fed will maintain higher interest rates longer, pressuring gold as the USD strengthens. Additionally, pre-election uncertainty in the U.S. continues to drive safe-haven demand, creating significant volatility for XAUUSD.
If this support holds, gold may rebound toward the resistance level at 2,757 USD/oz. However, the MACD shows a bearish divergence, signaling potential for continued correction, while the RSI indicates oversold conditions, suggesting a possible short-term recovery.
Recent U.S. news highlights expectations that the Fed will maintain higher interest rates longer, pressuring gold as the USD strengthens. Additionally, pre-election uncertainty in the U.S. continues to drive safe-haven demand, creating significant volatility for XAUUSD.
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