Gold Faces Major Resistance, Risk of Deeper Decline
Gold is currently fluctuating around $2,614.145, sitting below key resistance levels at $2,650.165 and $2,624.195. These are significant barriers that buyers need to break through to sustain the upward momentum.
However, with the EMA 34 and 89 lines positioned above the price, selling pressure remains dominant, reinforcing the current downtrend. If these resistance levels cannot be breached, gold may face a deeper correction, potentially falling to the support level of $2,604.393 and further down to $2,576.672 if selling pressure persists.
Geopolitical tensions in the Middle East, along with key economic news from the U.S., are fueling strong market volatility, making investors increasingly cautious.
However, with the EMA 34 and 89 lines positioned above the price, selling pressure remains dominant, reinforcing the current downtrend. If these resistance levels cannot be breached, gold may face a deeper correction, potentially falling to the support level of $2,604.393 and further down to $2,576.672 if selling pressure persists.
Geopolitical tensions in the Middle East, along with key economic news from the U.S., are fueling strong market volatility, making investors increasingly cautious.
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