Gold Nears 2,800: Recovery or Further Correction?
Gold prices nearly reached the 2,800 USD/ounce mark on November 1, driven by concerns over the U.S. election and expectations of a Fed rate cut. However, prices saw a slight decline on November 2 as the market adjusted after a strong rally.
The current XAUUSD chart shows gold attempting to recover from a strong support level at 2,734. This is a critical price zone that could serve as a “launchpad” if selling pressure continues to ease. The 34 and 89 EMA lines above remain significant resistance levels, indicating lingering short-term bearish pressure.
Currently, the RSI shows signs of oversold conditions, suggesting the possibility of a short-term recovery. A cautious strategy is to watch price reactions at the support level, waiting for a confirmed bullish signal before entering a buy position to capitalize on a potential rebound from this lower price range.
However, if the support level does not hold, the downward trend could continue, and a lower price zone may become the next target for the following decline.
The current XAUUSD chart shows gold attempting to recover from a strong support level at 2,734. This is a critical price zone that could serve as a “launchpad” if selling pressure continues to ease. The 34 and 89 EMA lines above remain significant resistance levels, indicating lingering short-term bearish pressure.
Currently, the RSI shows signs of oversold conditions, suggesting the possibility of a short-term recovery. A cautious strategy is to watch price reactions at the support level, waiting for a confirmed bullish signal before entering a buy position to capitalize on a potential rebound from this lower price range.
However, if the support level does not hold, the downward trend could continue, and a lower price zone may become the next target for the following decline.
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