Mid-Week XAUUSD (Gold/USD) Analysis – September 18, 2024

2 days ago🚨 Price Update: Gold is currently trading at $2572, near key resistance! 📈

🔑 Key Levels:

Resistance:

$2589.65 🔴 Major resistance; the market shows signs of sellers stepping in.
$2576-$2580 🟠 Next level to watch for, indicating potential for a further pullback.
Support:

$2523.53 🟢 Critical support level with heavy volume buying.
$2514.87 🟡 Minor support where bulls may attempt to regain momentum.
$2490.47 ⚠ If support levels fail, expect a sharper downside movement.
📊 Volume Profile:

Heavy volume between $2514 and $2523, suggesting strong buyer interest at these levels.
Light volume below $2490, which indicates a rapid fall could occur if prices break through support.
🧐 What’s Next?

If buyers can hold the $2523 level, we might see a bullish push back up towards $2589.
A failure to hold $2514 may result in a significant drop towards $2490 or even further down.
👀 Market Reaction to News:
Keep an eye on upcoming US economic reports, as strong data could push Gold prices lower, while weak reports could support the upward trend.

#GoldAnalysis #TradingView #MarketUpdate #MidWeekAnalysis #XAUUSD