XAU/USD Tension Near Critical Support Level
XAU/USD paints a tense scenario as gold hovers around $2,638.200, close to the crucial support level of $2,628.635. This could be the last 'fortress' buyers need to defend to prevent a deeper decline.
However, selling pressure remains strong, with the MACD indicator maintaining a negative signal, suggesting downward pressure is still dominant.
Buyers may attempt a rebound from this support to challenge the $2,658.587 resistance level in a final 'uphill climb.' If unsuccessful, gold could enter a 'free fall,' especially as significant economic developments from the U.S. loom on the horizon.
The EMA 34 and 89 lines continue to offer a layer of protection, but they may not be enough to stop a potential price slide. Volatility is imminent, and everything depends on the market's next move!
However, selling pressure remains strong, with the MACD indicator maintaining a negative signal, suggesting downward pressure is still dominant.
Buyers may attempt a rebound from this support to challenge the $2,658.587 resistance level in a final 'uphill climb.' If unsuccessful, gold could enter a 'free fall,' especially as significant economic developments from the U.S. loom on the horizon.
The EMA 34 and 89 lines continue to offer a layer of protection, but they may not be enough to stop a potential price slide. Volatility is imminent, and everything depends on the market's next move!
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