Gold Near Resistance, Risk of Decline Rising
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On Tuesday, HSBC raised its average gold price forecast, driven by geopolitical risks, expectations of continued monetary easing, and fiscal imbalances.
Currently, XAU/USD paints a dramatic technical picture as gold prices hover around $2,617.890, near the key resistance level at $2,624.089 and the 34 EMA at $2,628.176.
These are strong barriers that buyers must overcome to maintain the upward momentum. However, failure to break through could lead to a deeper correction, with the first support level at $2,605.538 and stronger support at $2,574.411.
While the 34 and 89 EMAs are providing solid backing for the long-term uptrend, selling pressure remains high, particularly as technical indicators show no clear reversal from the buyers.
Without a significant shift, gold prices may continue to decline, especially amid significant economic news from the U.S. impacting the market.
Currently, XAU/USD paints a dramatic technical picture as gold prices hover around $2,617.890, near the key resistance level at $2,624.089 and the 34 EMA at $2,628.176.
These are strong barriers that buyers must overcome to maintain the upward momentum. However, failure to break through could lead to a deeper correction, with the first support level at $2,605.538 and stronger support at $2,574.411.
While the 34 and 89 EMAs are providing solid backing for the long-term uptrend, selling pressure remains high, particularly as technical indicators show no clear reversal from the buyers.
Without a significant shift, gold prices may continue to decline, especially amid significant economic news from the U.S. impacting the market.
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