Gold (XAU/USD) is hovering around 2,955, a key resistance zone that will determine the next trend. Although gold is still holding its bullish momentum within the price channel, the current momentum is not strong enough to create a clear breakout.
On the 2H chart, XAU/USD is still above the EMA 34 and EMA 89, indicating that the buyers are still in control. If the price breaks 2,955, the next target will be 2,970 – 2,980. Conversely, if rejected, gold may correct to 2,923 before regaining bullish momentum.
Warning: The upcoming press conference between the US President and the French President at the White House could cause strong market volatility. Any announcement on economic, trade or interest rate policies could significantly impact the USD and indirectly affect the price of gold.
On the 2H chart, XAU/USD is still above the EMA 34 and EMA 89, indicating that the buyers are still in control. If the price breaks 2,955, the next target will be 2,970 – 2,980. Conversely, if rejected, gold may correct to 2,923 before regaining bullish momentum.
Warning: The upcoming press conference between the US President and the French President at the White House could cause strong market volatility. Any announcement on economic, trade or interest rate policies could significantly impact the USD and indirectly affect the price of gold.
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