XAUUSD Testing Resistance: Strong Selling Pressure
XAUUSD is oscillating within a descending price channel with lower highs and lows, indicating that selling pressure is dominant.
The EMA 34 and EMA 89 are above the current price, reinforcing strong selling pressure. The EMA 34 serves as short-term dynamic resistance, and while the price may test this level, breaking through it could be challenging.
Currently, the price is testing the 2,623 resistance zone, and if it fails to break above, the downtrend may push the price towards 2,590 or lower.
U.S. inflation data and Federal Reserve policy will be key factors in determining gold's next move, with the potential for further downward pressure if no positive market signals emerge.
The EMA 34 and EMA 89 are above the current price, reinforcing strong selling pressure. The EMA 34 serves as short-term dynamic resistance, and while the price may test this level, breaking through it could be challenging.
Currently, the price is testing the 2,623 resistance zone, and if it fails to break above, the downtrend may push the price towards 2,590 or lower.
U.S. inflation data and Federal Reserve policy will be key factors in determining gold's next move, with the potential for further downward pressure if no positive market signals emerge.
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