XAU/USD: Gold Struggles Between Resistance and Support Zone
The 4-hour XAU/USD chart on November 9 reveals an intense battle between buyers and sellers within a downward channel. Gold is currently “trapped” in the resistance zone around 2,708 - 2,715 USD/oz, where the EMA 34 and 89 lines, combined with the downward trendline, form a strong “wall” of resistance. If buyers lack the strength to break through, the price may plunge back to the “buffer zone” at 2,620 USD/oz.
Conversely, if the price manages to “escape” past 2,715 USD/oz, a promising recovery could unfold, leading gold to higher levels. This would present an opportunity for investors to stay vigilant, ready to act when the timing is right.
On the news front: A wave of positive economic data from the U.S. has pushed the USD higher, creating strong pressure on gold. This shift has prompted many investors to temporarily “abandon” gold in favor of the USD as a safe haven amid market volatility.
Conversely, if the price manages to “escape” past 2,715 USD/oz, a promising recovery could unfold, leading gold to higher levels. This would present an opportunity for investors to stay vigilant, ready to act when the timing is right.
On the news front: A wave of positive economic data from the U.S. has pushed the USD higher, creating strong pressure on gold. This shift has prompted many investors to temporarily “abandon” gold in favor of the USD as a safe haven amid market volatility.
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