Gold Maintains Uptrend, Testing Resistance at $2,640
Gold prices are holding an upward trend on the 4-hour chart, trading around $2,626. The ascending trendline provides strong support, complemented by EMA 34 ($2,624) and EMA 89 ($2,638), which add momentum for further gains. The key resistance zone at $2,638 - $2,640 poses a significant hurdle for the price to overcome to sustain the bullish momentum.
The current uptrend is supported by geopolitical tensions and safe-haven demand, but buying pressure remains subdued due to the lack of commitment from buyers amidst the Fed's hawkish stance. The divergence between expectations for Fed tightening and global instability pressures has kept gold trading within a narrow range.
If the price breaks through the $2,640 resistance zone, the next target would be $2,689, marking a fresh high. However, failure to break above could lead to a slight correction towards the support level near $2,617 before seeking new bullish momentum. In a bearish scenario, the price may test the broader support zone around $2,600.
The current uptrend is supported by geopolitical tensions and safe-haven demand, but buying pressure remains subdued due to the lack of commitment from buyers amidst the Fed's hawkish stance. The divergence between expectations for Fed tightening and global instability pressures has kept gold trading within a narrow range.
If the price breaks through the $2,640 resistance zone, the next target would be $2,689, marking a fresh high. However, failure to break above could lead to a slight correction towards the support level near $2,617 before seeking new bullish momentum. In a bearish scenario, the price may test the broader support zone around $2,600.
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