XAUUSD Near Critical Support: Rebound or Further Decline?
The current XAUUSD chart shows gold hovering near the crucial support zone of 2,713-2,725, with the 34 and 89 EMAs serving as primary support levels. If the price holds above this support, gold may rebound towards the nearby resistance level of 2,756.603.
The RSI is signaling oversold conditions, suggesting a potential short-term recovery. A cautious strategy would be to observe price action at the support zone and wait for confirmation signals before entering a buy position, capitalizing on the potential upside from this level.
However, if the support zone breaks, the downtrend could continue, with the next target at a deeper support level.
The RSI is signaling oversold conditions, suggesting a potential short-term recovery. A cautious strategy would be to observe price action at the support zone and wait for confirmation signals before entering a buy position, capitalizing on the potential upside from this level.
However, if the support zone breaks, the downtrend could continue, with the next target at a deeper support level.
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