XAU/USD Update: Bearish Trend Ahead?
Prediction: Increase
Fundamental Analysis: XAU/USD continues to dip, trading around $2,380 as market panic subsides. Stock markets are rebounding, reducing gold’s appeal, while US bond yields rise, strengthening the US Dollar. Despite concerns about the US economy, expectations for significant interest rate cuts persist.
Technical Analysis: Gold is testing the 50% Fibonacci retracement of its June/July rally at $2,388.70, with technical indicators suggesting a bearish outlook. Recent support around $2,411.20 may weaken, while the 4-hour chart shows stronger bearish signals.
Support Levels: 2,372.90, 2,366.00, 2,352.40
Resistance Levels: 2,411.20, 2,424.10, 2,438.80
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