XAUUSD: Buyers still have a chance.
The price started the week with a spike near the dynamic resistance at $2670, but quickly retreated after the reaction, currently at $2653 and down 0.17% on the day.
Although the price of gold has been slightly negatively affected by the market after lacking the momentum and fundamental news to break above the psychological resistance at $2700, this can be seen compared to the 2685 setup. However, the outlook for the metal remains bright at high prices, despite profit-taking from the market. The only concern from the market going forward is the NFP news, which, coupled with concerns about the situation in the Middle East and interest rate cuts and expectations of further adjustments in the future, will have a positive impact on the price of gold.
Traders can consider buying when the price drops to the support level around $2625.
Although the price of gold has been slightly negatively affected by the market after lacking the momentum and fundamental news to break above the psychological resistance at $2700, this can be seen compared to the 2685 setup. However, the outlook for the metal remains bright at high prices, despite profit-taking from the market. The only concern from the market going forward is the NFP news, which, coupled with concerns about the situation in the Middle East and interest rate cuts and expectations of further adjustments in the future, will have a positive impact on the price of gold.
Traders can consider buying when the price drops to the support level around $2625.
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