XAUUSD Adjusts With Key Support at 2,722
XAUUSD is currently in a correction phase after reaching a peak of 2,758.007.
At present, the price is likely to test the critical support around 2,722, supported by the EMA 34 and EMA 89, indicating that the uptrend could remain intact if the price holds above this level.
If the price does not break this support, it is highly likely to rebound towards the resistance at 2,758.007. The RSI, currently at 57.40, suggests the market is in a neutral zone with no signs of being overbought or oversold.
In recent news, gold prices dropped over 1% after reaching the peak on October 23rd due to a stronger USD and rising US bond yields, despite safe-haven demand driven by the upcoming US presidential election and the Middle East situation.
At present, the price is likely to test the critical support around 2,722, supported by the EMA 34 and EMA 89, indicating that the uptrend could remain intact if the price holds above this level.
If the price does not break this support, it is highly likely to rebound towards the resistance at 2,758.007. The RSI, currently at 57.40, suggests the market is in a neutral zone with no signs of being overbought or oversold.
In recent news, gold prices dropped over 1% after reaching the peak on October 23rd due to a stronger USD and rising US bond yields, despite safe-haven demand driven by the upcoming US presidential election and the Middle East situation.
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