XAUUSD: The Rebound Is Not Over YetDue to the impact of the news, gold prices have fallen significantly. When gold prices approached around 2660, I suggested buying within the 2660-2652 range to capture the rebound after the sharp drop. The first wave of the rebound reached a high of around 2678, with a gain of over $20, and those who followed the signal made very decent profits.
Currently, gold prices are oscillating in the bottom range, with volatility gradually decreasing. However, the rebound has not ended yet, and there is still room to buy. This rebound should at least push prices above 2680.
Tomorrow, we have the interest rate decision, and the market widely expects a 25 basis point rate cut. After today’s drop, gold should not see much more downside in the short term. Therefore, tomorrow’s trading should focus on buying at lower levels. The first key support levels to watch are the 2652-2648 range, followed by around 2639.
Overall, the current market environment still holds opportunities, but it's crucial to stay flexible and adjust strategies according to market movements. Patience and risk management will be the keys to successful trading.
