XAUUSD: What happens next? Increase or decrease?
Hello everyone, let's discuss and come up with the latest strategy from the XAUUSD chart!
Overall, the price has been consistently rising in the market, aiming for new highs of the day despite profit-taking at high levels. Currently, it is trading around $2156 after reaching $2161, highlighting a 0.39% increase for the day. So, what are the reasons and factors that have driven XAUUSD?
Looking at the influencing factors: Federal Reserve Chairman Jerome Powell, during his semi-annual congressional testimony on Wednesday, reinforced expectations of an interest rate cut happening later this year. This has kept the US Dollar (USD) on the defensive, near its lowest levels since early February, and turned out to be the main factor pushing gold prices higher.
Considering the latest prospects: From the 1-hour chart, XAUUSD is currently approaching a resistance level around $2160. Sustaining this level could lead to a significant price decline, while a breakthrough would result in an upward movement. It is expected that the price will continue to recover after the correction phase and touch the Fibonacci and EMA 34,89 levels.
Overall, the price has been consistently rising in the market, aiming for new highs of the day despite profit-taking at high levels. Currently, it is trading around $2156 after reaching $2161, highlighting a 0.39% increase for the day. So, what are the reasons and factors that have driven XAUUSD?
Looking at the influencing factors: Federal Reserve Chairman Jerome Powell, during his semi-annual congressional testimony on Wednesday, reinforced expectations of an interest rate cut happening later this year. This has kept the US Dollar (USD) on the defensive, near its lowest levels since early February, and turned out to be the main factor pushing gold prices higher.
Considering the latest prospects: From the 1-hour chart, XAUUSD is currently approaching a resistance level around $2160. Sustaining this level could lead to a significant price decline, while a breakthrough would result in an upward movement. It is expected that the price will continue to recover after the correction phase and touch the Fibonacci and EMA 34,89 levels.
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