XAUUSD: Breaking the Resistance Zone!
Gold prices are currently fluctuating within a clear resistance and support range. At present, the price is positioned between the 34 EMA and 89 EMA, indicating a tug-of-war in the trend.
The 34 EMA and 89 EMA are converging, signaling a potential trend breakout as the price moves out of this range.
The key resistance level is around 2,525, a zone where prices have previously been rejected, indicating strong selling pressure.
There are two main support levels: one near 2,470 (Support 1) and another closer at 2,489 (Support 2). The price has tested Support 2 once and is showing signs of retesting it.
If the price holds above the 2,489 support level and shows signs of a rebound, it may retest the resistance zone at 2,523.48. If this level is breached, the next target could be 2,540
Trading Strategy: Wait for clear signals from price action as it reaches the critical resistance and support zones. If the price breaks out of these zones, consider trading in the direction of the new trend.
The 34 EMA and 89 EMA are converging, signaling a potential trend breakout as the price moves out of this range.
The key resistance level is around 2,525, a zone where prices have previously been rejected, indicating strong selling pressure.
There are two main support levels: one near 2,470 (Support 1) and another closer at 2,489 (Support 2). The price has tested Support 2 once and is showing signs of retesting it.
If the price holds above the 2,489 support level and shows signs of a rebound, it may retest the resistance zone at 2,523.48. If this level is breached, the next target could be 2,540
Trading Strategy: Wait for clear signals from price action as it reaches the critical resistance and support zones. If the price breaks out of these zones, consider trading in the direction of the new trend.
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