XAU/USD: Is a Price Rally or Correction on the Horizon?
The XAU/USD chart on September 26 reveals an intense battle as gold prices hover around $2,667, just after reaching a peak of $2,671.946. Buyers are making the most of two strong defensive walls:
The EMA 34 at $2,639 and EMA 89 at $2,600. These shields are preventing any deep corrections, helping to sustain the robust bullish momentum.
However, all eyes are now on the critical resistance at $2,671 – a significant psychological barrier.
This level will determine whether gold can break through and climb to new highs, with a potential target of $2,702, or face a correction back to the support zone around $2,651 before resuming its upward trend.
With the RSI reaching 69.45, the market is nearing the overbought zone, further increasing the likelihood of a pullback.
Amid hot economic data from the U.S. and key speeches from the Fed, major market moves could happen at any moment.
The EMA 34 at $2,639 and EMA 89 at $2,600. These shields are preventing any deep corrections, helping to sustain the robust bullish momentum.
However, all eyes are now on the critical resistance at $2,671 – a significant psychological barrier.
This level will determine whether gold can break through and climb to new highs, with a potential target of $2,702, or face a correction back to the support zone around $2,651 before resuming its upward trend.
With the RSI reaching 69.45, the market is nearing the overbought zone, further increasing the likelihood of a pullback.
Amid hot economic data from the U.S. and key speeches from the Fed, major market moves could happen at any moment.
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