Gold fell below $2,025 in the European session after being sold off on Tuesday.
XAU/USD is under pressure as the USD moves higher amid escalating geopolitical risks in the Middle East and reduced market expectations for a sharp Fed rate cut in 2024.
On frame D1, selling pressure increased sharply after sellers successfully tested the 21-day MA support at 2,046 USD. The bearish momentum continued to strengthen after XAU/USD closed Tuesday's session under Symmetrical Triangle support near $2,031, with the RSI remaining below 40 and slightly down.
Immediate support to watch is the 50-day MA at $2,021, with the next target at $2,010. If these areas are successfully tested, gold will be sold off to the $2,000 area.
On the contrary, for gold to recover, the first target for buyers is Symmetrical Triangle support near $2,033, then $2,046 (21-day MA and Triangle resistance). mentioned above) and the 2,050 USD mark.
XAU/USD is under pressure as the USD moves higher amid escalating geopolitical risks in the Middle East and reduced market expectations for a sharp Fed rate cut in 2024.
On frame D1, selling pressure increased sharply after sellers successfully tested the 21-day MA support at 2,046 USD. The bearish momentum continued to strengthen after XAU/USD closed Tuesday's session under Symmetrical Triangle support near $2,031, with the RSI remaining below 40 and slightly down.
Immediate support to watch is the 50-day MA at $2,021, with the next target at $2,010. If these areas are successfully tested, gold will be sold off to the $2,000 area.
On the contrary, for gold to recover, the first target for buyers is Symmetrical Triangle support near $2,033, then $2,046 (21-day MA and Triangle resistance). mentioned above) and the 2,050 USD mark.
Note
Buy 2024 - 2026TP1 : 2035
TP2 : 2040
SL : 2020
Sell 2039 - 2041
TP1 : 2035
TP2 : 2030
SL 2045
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Related publications
Disclaimer
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.