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Spot Gold (XAU/USD) fluctuated between $XAUUSDand $4,490.81during intraday trading, settling at $4,431.04,down 0.94% on a daily basis. The price per ounce, which fell by $42.15during the day, experienced profit-taking following the release of US macroeconomic data, driven by a short-term rebound in the Dollar Index (DXY) and bond yields.
Key Factors Influencing the Market
Economic Data and Interest Rate Expectations: Employment and growth data from the US directly impact expectations regarding the Federal Reserve's (Fed) interest rate policy. During periods of dollar strengthening, short-term selling pressure can arise on precious metals that do not offer interest yields
Key Factors Influencing the Market
Economic Data and Interest Rate Expectations: Employment and growth data from the US directly impact expectations regarding the Federal Reserve's (Fed) interest rate policy. During periods of dollar strengthening, short-term selling pressure can arise on precious metals that do not offer interest yields.
Central Bank Reserve Demand: The continued physical gold purchases by global central banks provide a medium- to long-term support base in case of potential price pullbacks.
Key Technical Levels
Current Level: The price is in a short-term correction at $4,431.04.
First Support (MA5): The 5-day moving average at $4,413.92 is the first near-term support point.
Main Support (MA30): The 30-day moving average at $4,353.50 is the key support area where the uptrend is being maintained.
Near Resistance (MA10): The 10-day moving average at $4,503.16 is the first obstacle to overcome in upward rebounds.
Momentum Status: The MACD indicator falling to -24.08 indicates a short-term slowdown in price momentum.
While the price holding above $4,413.92 is being monitored for market stabilization, $4,353.50 remains the main support level. For the upward movement to regain momentum, the breakout above the $4,503.16 resistance level is being monitored. Price movements and trading volumes in the market can be tracked in real-time via the Gate platform.
$XAUUSD {currencycard:tradfi}(XAUUSD)