Gold Faces Strong Headwinds: USD Strength & Fed Rate Outlook Weigh In ππ°
Key Factors Affecting Gold ππ΅
- Stronger U.S. Dollar: Higher dollar value reduces goldβs appeal as it becomes more expensive for international buyers.
- Fed's Hawkish Stance: Powell signals no immediate rate cuts, keeping rates elevated and making gold less attractive.
Technical Levels to Watch ππ
- Resistance: $2,709 β Key barrier to any upside.
- 200 EMA: $2,636 β Bearish trend confirmed below this level.
- Support: $2,535 β Crucial level; break below could trigger more selling
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