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Today, the precious metal is attracting some buyers and appears to have interrupted its six-day losing streak. However, the upward momentum lacks conviction, and the rise is likely to lose momentum due to growing expectations of a 25 basis point rate cut by the Federal Reserve in November. This supports the U.S. dollar, maintaining its recent strength at an eight-week high, creating a headwind for gold.
Technical Analysis: The break below the $2,630 level is considered a bearish trigger. Nevertheless, the oscillators on the daily chart remain in positive territory despite losing strength. Moreover, the price has managed to stay above the key psychological level of $2,600. Therefore, it would be prudent to wait for a confirmed break below this level before positioning for deeper losses. The XAU/USD pair could then continue its decline toward the next major support at $2,560, heading toward the $2,532 level, and eventually descending to the psychological level of $2,500.
On the other hand, the breakout point at $2,630 now serves as the nearest resistance for any upward movement. Any further rise may present a selling opportunity and would likely be capped near the significant horizontal barrier of $2,656. Sustained strength beyond this point could lift gold prices into the $2,672 supply zone, above which the bulls could attempt to challenge the historical high reached in September. Following that, the round level of $2,700 could extend the multi-month upward trend if this level is breached.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
