Category: Forex News, News
Gold (XAU) Daily Forecast: XAU/USD Up 0.06% – Target $2379 on Weaker USD?
Gold (XAU/USD) is currently trading at $2356.69, down 0.06%. The pivot point is $2351.87. Immediate resistance levels are at $2379.06, $2398.70, and $2417.77, suggesting potential upward targets. On the downside, immediate support levels are at $2334.83, $2322.77, and $2307.12.
Technical indicators show mixed signals. The 50-day Exponential Moving Average (EMA) stands at $2337.36, while the 200-day EMA is at $2302.87. Gold has completed a 61.8% Fibonacci retracement at the $2335 area and bounced off this support level to reach $2356.
A bullish breakout above $2362 could push gold towards the $2379 mark. However, a break below $2350 might trigger a sharp selling trend.
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