XAUUSD Faces Pressure from China and USD
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China has recently discovered a new gold mine, potentially reducing its future demand for gold, which could push gold prices lower. Meanwhile, Trump’s election victory has strengthened the USD, adding additional downward pressure.
Currently, XAUUSD is hovering around 2,627.275 after a recovery from a low near 2,605.310. However, the price was rejected at the strong resistance zone near 2,700, signaling a significant hurdle as the previous upward trendline has been broken.
The EMA 34 (2,653.133) and EMA 89 (2,585.826) are acting as potential support levels but also indicate that the bullish momentum is fading. If the price fails to hold above the EMA 34, a deeper decline towards the 2,560 support zone could occur, especially as selling pressure intensifies.
Currently, XAUUSD is hovering around 2,627.275 after a recovery from a low near 2,605.310. However, the price was rejected at the strong resistance zone near 2,700, signaling a significant hurdle as the previous upward trendline has been broken.
The EMA 34 (2,653.133) and EMA 89 (2,585.826) are acting as potential support levels but also indicate that the bullish momentum is fading. If the price fails to hold above the EMA 34, a deeper decline towards the 2,560 support zone could occur, especially as selling pressure intensifies.
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