XAUUSD: 2600 support level is in focus, will it hold?
Hello all dear XAUUSD traders!
Gold price today is trading at $2,620/ounce, down sharply by $64 from the previous day's opening price of $2,684/ounce.
Gold fell mainly due to the US dollar holding its position at a 4-month high around 105.5 points. In the same view, Daniel Ghali (analyst at TD Securities) agrees that the possibility of high tariffs applied during Donald Trump's presidency and the demand to hold USD are putting pressure on gold prices, as it is also related to the possibility that the US Federal Reserve (FED) may delay cutting interest rates.
Technically, the price is reversing and intends to test the liquidity zones at the bottom...
Emphasis on dynamic support at 2600. A consolidation before a breakdown is forming. If the price breaks this support level, selling pressure may increase. I do not rule out another attempt to retest resistance, say 2680-2685 before continuing lower following the classic structure as mentioned on the chart. Overall, both fundamentally and technically, the market feels in favor of the bears...
Gold price today is trading at $2,620/ounce, down sharply by $64 from the previous day's opening price of $2,684/ounce.
Gold fell mainly due to the US dollar holding its position at a 4-month high around 105.5 points. In the same view, Daniel Ghali (analyst at TD Securities) agrees that the possibility of high tariffs applied during Donald Trump's presidency and the demand to hold USD are putting pressure on gold prices, as it is also related to the possibility that the US Federal Reserve (FED) may delay cutting interest rates.
Technically, the price is reversing and intends to test the liquidity zones at the bottom...
Emphasis on dynamic support at 2600. A consolidation before a breakdown is forming. If the price breaks this support level, selling pressure may increase. I do not rule out another attempt to retest resistance, say 2680-2685 before continuing lower following the classic structure as mentioned on the chart. Overall, both fundamentally and technically, the market feels in favor of the bears...
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