Gold is currently moving within a downward price channel. The price is hovering around $2,613.890 after hitting a low of $2,594.184. This level is within a short-term downtrend, as the price channel slopes down.
The EMA 34 and EMA 89 are exerting selling pressure, reinforcing the short-term downtrend. However, if gold rebounds from the $2,594.184 support, it may challenge the next resistance at $2,642.880. Breaking this resistance will determine whether a short-term recovery or deeper decline follows.
Gold has dropped for six consecutive sessions as of Wednesday (October 9), driven by a stronger USD and diminishing expectations of a significant rate cut in November 2024.