Product: XAU/USD
Prediction: Increase
Fundamental Analysis:
Central Banks: Reducing U.S. dollar investments, increasing gold reserves due to geopolitical tensions and economic uncertainty.
Upcoming Data: U.S. CPI and retail sales data expected to impact gold prices.
Middle East Situation: Tensions between Iran and Israel could influence gold demand.
Market Trends: Geopolitical tensions typically boost gold, but recent market behavior shows other factors affecting gold's performance.
Technical Analysis:
RSI Movement: After falling below 50, the RSI rose to 60, indicating seller hesitation.
Resistance Levels:
$2470-$2480 (first resistance)
$2500 (key psychological level)
$2580 (upper trend channel limit if $2500 holds)
Support Levels:
$2410-$2400 (short-term support)
$2370 (50-day moving average)
$2350 (100-day moving average)
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