Gold Rebounds from Support: Testing Key Resistance
Gold prices fell for the sixth consecutive session on Wednesday due to a strengthening USD and fading expectations of a sharp interest rate cut in November 2024.
However, today XAUUSD is rebounding after bouncing off the strong support level at 2,605. The price is currently testing the key resistance at 2,654.
If it breaks through, gold may continue its upward momentum, but if not, a correction could push the price back to the 2,605 support level.
The MACD indicator is showing signs of a bullish reversal as the histogram turns positive, indicating increasing buying momentum, although further confirmation is needed as the price approaches resistance.
Despite the recent price decline, lower interest rates and ongoing geopolitical tensions could continue to support gold in the long term.
However, today XAUUSD is rebounding after bouncing off the strong support level at 2,605. The price is currently testing the key resistance at 2,654.
If it breaks through, gold may continue its upward momentum, but if not, a correction could push the price back to the 2,605 support level.
The MACD indicator is showing signs of a bullish reversal as the histogram turns positive, indicating increasing buying momentum, although further confirmation is needed as the price approaches resistance.
Despite the recent price decline, lower interest rates and ongoing geopolitical tensions could continue to support gold in the long term.
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