XAU/USD: Awaiting Breakout or Further Correction?
The XAU/USD chart on September 30th reveals an intriguing scenario as gold prices hover around $2,652.115.
A solid support level at $2,643.949 acts as a strong "shield," preventing any significant drops. Additionally, the EMA 34 ($2,651.911) and EMA 89 ($2,618.401) provide robust support, forming a solid foundation for buyers to maintain upward momentum.
However, the real battle lies at the resistance level of $2,669.912. If buyers can muster enough strength to break through this level, the path to new highs at $2,691.980 will open up.
In this tense market environment, key economic news and Fed actions will play pivotal roles, potentially shifting the entire landscape in a matter of moments.
A solid support level at $2,643.949 acts as a strong "shield," preventing any significant drops. Additionally, the EMA 34 ($2,651.911) and EMA 89 ($2,618.401) provide robust support, forming a solid foundation for buyers to maintain upward momentum.
However, the real battle lies at the resistance level of $2,669.912. If buyers can muster enough strength to break through this level, the path to new highs at $2,691.980 will open up.
In this tense market environment, key economic news and Fed actions will play pivotal roles, potentially shifting the entire landscape in a matter of moments.
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