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Key Points:
Gold surges to $2,394 amid Fed rate cuts and Middle East tensions.
USD weakens as recession fears prompt anticipated interest rate cuts by Fed.Gold’s upward momentum capped by stable equity markets and stronger USD.
In this article:
Gold (XAU/USD) prices are currently trading at $2,391.66, experiencing a slight increase of 0.06%.
The key pivot point is at $2,386.31, indicating a crucial support level. Immediate resistance is at $2,416.91, followed by $2,435.33 and $2,458.33.
Key support levels are identified at $2,364.32, $2,344.98, and $2,326.51. The 50-day EMA is at $2,412.08, and the 200-day EMA is at $2,390.79, suggesting a mixed outlook.
The market remains bullish above $2,386.31; however, a break below this level could trigger significant selling pressure.
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About the Author
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.
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