XAUUSD Hits Resistance, Awaiting Fed Signal

vorgesternXAUUSD is currently trading around $2,573, approaching a key resistance level at $2,587.

If it fails to break through, the price may correct towards the support zone at $2,536 before a potential strong recovery.

The EMA 34 ($2,557) and EMA 89 ($2,530) continue to support the uptrend, but with the RSI at 67.87, the market shows signs of being overbought, increasing the likelihood of a correction.

Gold has attracted some dip-buying on Wednesday as rising bets on a 50 bps rate cut from the Fed test the recovery of the US dollar.

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