Gold Fluctuates, USD Strengthens Pressure
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Gold prices dropped 0.2% to $2,650/oz on October 14th, as China's economic stimulus measures failed to inspire investor confidence, while the USD surged to a two-month high.
The current XAUUSD chart shows the price fluctuating around $2,650, with support at $2,616 and resistance at $2,660.
A downtrend line is creating selling pressure, while the EMA(89) and EMA(34) are supporting the short-term upward momentum. If the price breaks the $2,660 resistance, it is likely to continue rising.
On the other hand, if it fails to break through, the price may correct back to $2,616 before rebounding or falling further. Traders should wait for a confirmed breakout before entering positions, with a capital protection strategy in place.
The current XAUUSD chart shows the price fluctuating around $2,650, with support at $2,616 and resistance at $2,660.
A downtrend line is creating selling pressure, while the EMA(89) and EMA(34) are supporting the short-term upward momentum. If the price breaks the $2,660 resistance, it is likely to continue rising.
On the other hand, if it fails to break through, the price may correct back to $2,616 before rebounding or falling further. Traders should wait for a confirmed breakout before entering positions, with a capital protection strategy in place.
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