Gold prices increased slightly in early trading Tuesday morning in Asia. Rising interest rates dampen expectations and cash flows into safe havens could limit the precious metal's decline. The pause in gold purchases by the People's Bank of China (PBoC) is likely to put pressure on XAU/USD in the near term.
From a technical point of view, XAU/USD is under pressure, but not bearish. In the small h2 time frame chart, the pair continues to be supported by two EMAs. This could be a temporary recovery in a prolonged uptrend in the near term.
After recovering from EMA 89 around 2351, gold has shown positive signs at the beginning of the Asian trading session. Pay attention to important support and resistance zones to have the best trading strategy.
Support level: 2350-2358
Resistance level: 2371-2380
From a technical point of view, XAU/USD is under pressure, but not bearish. In the small h2 time frame chart, the pair continues to be supported by two EMAs. This could be a temporary recovery in a prolonged uptrend in the near term.
After recovering from EMA 89 around 2351, gold has shown positive signs at the beginning of the Asian trading session. Pay attention to important support and resistance zones to have the best trading strategy.
Support level: 2350-2358
Resistance level: 2371-2380
Note
Trade closed: target reached
REsistance 2371 + 200 pipsNote
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.