XAUUSD Recovery: Testing Resistance at 2,620
Updated
Currently, XAUUSD is attempting a recovery after hitting the key support level at 2,530 USD. This support zone has shown significant buying interest, pushing prices up from the recent low. However, the overall trend remains bearish, influenced by the EMA 34 and EMA 89 lines above, acting as dynamic resistance.
The price is now trading around 2,583 USD and is likely to test the nearest resistance zone at 2,620 USD. If this resistance is breached, the recovery trend could extend further, aiming for higher levels.
Gold remains under pressure from a strong USD, driven by expectations that the Fed will maintain high interest rates. However, investors should pay close attention to this week’s U.S. economic data releases, including employment and inflation figures, as they could significantly impact USD strength and gold’s next direction.
The price is now trading around 2,583 USD and is likely to test the nearest resistance zone at 2,620 USD. If this resistance is breached, the recovery trend could extend further, aiming for higher levels.
Gold remains under pressure from a strong USD, driven by expectations that the Fed will maintain high interest rates. However, investors should pay close attention to this week’s U.S. economic data releases, including employment and inflation figures, as they could significantly impact USD strength and gold’s next direction.
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