Limited Upside Potential Ahead of Trump's Inauguration
Gold prices reversed their Asian session decline on Monday as the US dollar weakened slightly. Expectations that the Fed may pause its rate-cutting cycle could limit the upward momentum of XAU/USD amidst a positive risk sentiment. Traders are now focusing on President-elect Donald Trump's inauguration speech for new market drivers.
The short-term technical outlook suggests that gold may continue its downward trend before new buying interest emerges at lower levels. Based on the technical chart, the current challenge for gold is the resistance level at 2721. If gold fails to break this level, it is likely to reverse and test the previous support at 2660.
Stop Loss and Target:
Stop Loss (SELL): 2725
Take Profit (SELL): 2660
Stop Loss (BUY): 2675
Take Profit (BUY): 2720
Be cautious and good luck with your trading!
The short-term technical outlook suggests that gold may continue its downward trend before new buying interest emerges at lower levels. Based on the technical chart, the current challenge for gold is the resistance level at 2721. If gold fails to break this level, it is likely to reverse and test the previous support at 2660.
Stop Loss and Target:
Stop Loss (SELL): 2725
Take Profit (SELL): 2660
Stop Loss (BUY): 2675
Take Profit (BUY): 2720
Be cautious and good luck with your trading!
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