XAUUSD : Buyers are gradually regaining their position
Gold fell below $2,025 in the European session after being sold off on Tuesday.
XAU/USD is under pressure as the USD moves higher amid escalating geopolitical risks in the Middle East and reduced market expectations for a sharp Fed rate cut in 2024.
On frame D1, selling pressure increased sharply after sellers successfully tested the 21-day MA support at 2,046 USD. The bearish momentum continued to strengthen after XAU/USD closed Tuesday's session under Symmetrical Triangle support near $2,031, with the RSI remaining below 40 and slightly down.
Immediate support to watch is the 50-day MA at $2,021, with the next target at $2,010. If these areas are successfully tested, gold will be sold off to the $2,000 area.
On the contrary, for gold to recover, the first target for buyers is Symmetrical Triangle support near $2,033, then $2,046 (21-day MA and Triangle resistance). mentioned above) and the 2,050 USD mark.
XAU/USD is under pressure as the USD moves higher amid escalating geopolitical risks in the Middle East and reduced market expectations for a sharp Fed rate cut in 2024.
On frame D1, selling pressure increased sharply after sellers successfully tested the 21-day MA support at 2,046 USD. The bearish momentum continued to strengthen after XAU/USD closed Tuesday's session under Symmetrical Triangle support near $2,031, with the RSI remaining below 40 and slightly down.
Immediate support to watch is the 50-day MA at $2,021, with the next target at $2,010. If these areas are successfully tested, gold will be sold off to the $2,000 area.
On the contrary, for gold to recover, the first target for buyers is Symmetrical Triangle support near $2,033, then $2,046 (21-day MA and Triangle resistance). mentioned above) and the 2,050 USD mark.
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