XAUUSD : The uptrend continues !
Let's dive into today’s gold price trends!
As of early Tuesday trading, gold is in recovery mode, continuing its upward momentum. The precious metal is hovering around the $2,754 mark, showing resilience even as the USD attempts to regain its upward trend.
This week, all eyes are on a series of key U.S. economic reports that could provide further insights into the Federal Reserve's policy direction. The reports include private-sector employment data, core personal consumption expenditures (PCE), and the non-farm payroll numbers.
Market expectations suggest there's about a 95% chance the Fed will reduce rates by 25 basis points in November, which would be a supportive factor for gold’s strength.
In the short term, gold is nearing resistance at $2,757. Should it break through, we could see more gains, supported by the 34 and 89 EMA levels and current support lines. If resistance holds, however, gold may need to consolidate around nearby support levels to build further momentum.
Happy trading, everyone!
As of early Tuesday trading, gold is in recovery mode, continuing its upward momentum. The precious metal is hovering around the $2,754 mark, showing resilience even as the USD attempts to regain its upward trend.
This week, all eyes are on a series of key U.S. economic reports that could provide further insights into the Federal Reserve's policy direction. The reports include private-sector employment data, core personal consumption expenditures (PCE), and the non-farm payroll numbers.
Market expectations suggest there's about a 95% chance the Fed will reduce rates by 25 basis points in November, which would be a supportive factor for gold’s strength.
In the short term, gold is nearing resistance at $2,757. Should it break through, we could see more gains, supported by the 34 and 89 EMA levels and current support lines. If resistance holds, however, gold may need to consolidate around nearby support levels to build further momentum.
Happy trading, everyone!
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