Technical Analysis:
XAU/USD is currently testing a key resistance level at 2611.4, with the 50-period WMA (2605.83) positioned just below and the 200-period WMA (2610.42) slightly above. This range represents a critical consolidation area, as a breakout above this level could shift momentum upward, while a rejection may suggest continued consolidation or potential downside.
A breakout above 2611.4 could lead to targets around 2630 and 2650. Alternatively, a failure to clear this resistance may bring support at 2600 and 2580 into focus.
Support: 🔻 2600, 2580
Resistance: 🔺 2611.4, 2630
Moving Averages:
📉 XAU/USD is trading between the 50-WMA and 200-WMA, creating a significant resistance zone. A decisive move above these moving averages could confirm a bullish bias.
Volume:
📊 Rising volume as XAU/USD approaches the resistance level indicates growing interest. High volume on a breakout could signal sustained upside momentum.
Key Levels to Watch:
Support: 2600, 2580
Resistance: 2611.4, 2630
Outlook:
🚩 XAU/USD is at a critical resistance near 2611.4. A breakout could open the door for further gains, while failure to clear this level might signal continued consolidation or a potential retracement.
Fundamental Analysis:
Gold prices remain influenced by global economic data and Federal Reserve policy expectations. Investors are closely monitoring central bank decisions, as changes in interest rate projections could impact the demand for safe-haven assets like gold.
#XAUUSD #Gold #ForexAnalysis #TechnicalAnalysis #ForexMarket #Trading #VGlobalMarkets #MarketOutlook #ctrader
