XAU/USD: The Race Against Resistance
Gold is treading cautiously around $2,674, just a breath away from the four-week peak at $2,678. The 4-hour chart reveals a tense battle at the resistance zone of $2,690-$2,700, a level gold must breach to continue its upward conquest. The EMA 34 and 89 act as loyal companions, supporting the price within the upward trend yet underscoring its fragility.
Behind the golden shine lies the looming shadow of a strong USD and the NFP data awaiting its verdict. If gold fails to break $2,690, a steep slide toward the support zones of $2,643, or even $2,521, could follow. However, if it conquers the resistance, gold may soar to $2,718 and beyond.
The market now resembles a chessboard filled with mysteries, where every move requires calculated precision. Will gold ascend to the throne or retreat to its starting point? The answer lies in upcoming economic data and the sentiment of those placing their bets.
Behind the golden shine lies the looming shadow of a strong USD and the NFP data awaiting its verdict. If gold fails to break $2,690, a steep slide toward the support zones of $2,643, or even $2,521, could follow. However, if it conquers the resistance, gold may soar to $2,718 and beyond.
The market now resembles a chessboard filled with mysteries, where every move requires calculated precision. Will gold ascend to the throne or retreat to its starting point? The answer lies in upcoming economic data and the sentiment of those placing their bets.
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