Gold prices plummet due to FED actions

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The XAU/USD chart paints a dramatic picture as gold hovers around $2,660.275, approaching a critical resistance level at $2,672.665.

With strong support at $2,625.076, gold continues to hold its strength for buyers. The EMA 34 ($2,648.157) and EMA 89 ($2,613.671) lines act as crucial foundations supporting the upward trend.

If the price fails to break through the $2,672.665 resistance, a correction may occur, bringing gold back to test lower support levels. Conversely, if buyers are strong enough to push past this resistance, gold may continue its upward trajectory towards new highs.

The market is highly sensitive to key news from the U.S., particularly economic data and actions from the Fed, which could significantly impact gold's direction in the near future.
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