XAUUSD Awaits Sideways Movement Near Psychological Resistance
Based on the XAUUSD chart, the price is currently fluctuating around 2,679 with strong psychological resistance identified above this level. The main support is located at 2,640, creating two key price zones to watch.
After hitting the resistance, a short-term sideways pattern may form. If the price fails to break through the psychological resistance, a correction towards the lower support zone is likely. However, if the resistance is breached, the upward trend may continue.
The RSI indicator is nearing the overbought zone, signaling that the market might face challenges in breaking through this resistance.
Traders should closely monitor price action in these areas, particularly for a breakout or a pullback when the price approaches strong support or resistance levels.
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