GOLD → Bulls are trying to hold their defenses above the SMA

2 oct

XAUUSD is forming a sideways range, within which it strengthens to 2673 with subsequent retracement and retest of SMA 200 & 50. Buyers are trying to hold their defenses above this area with the aim of further growth....

The complicated situation in the Middle East continues to escalate, which keeps the gold price from falling amid the rising dollar. Any de-escalation of the conflict (Israel's inaction on Iran's measures) could increase selling pressure...
Nevertheless, the US employment change data from ADP as well as the Fed's speech will be the next important events for the US dollar and the gold price. Any hints of interest rate cuts will be viewed favorably...
Technically, emphasis on 2665 resistance - if the bulls can consolidate above this zone, gold could go for a retest of ATH.
Also - emphasis on 2643. A break of the support will reinforce selling. This could take the price to 2625-2600.

Resistance levels: 2665, 2673, 2685
Support levels: 2643, 2625, 2515

Bullish trend. Gold is not going to update the lows. The bulls are trying to consolidate above the SMA. Signs that the price is ready to grow. BUT, it is possible that unpredictable signs may appear in the market, which may lead to profit-taking and correction.

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!