Hello dear friends! XAUUSD continues its uptrend, currently at $2189, marking a loss of nearly 0.24% on the day.
Overall, XAUUSD is having difficulty approaching the $2200 resistance level, in line with our prediction yesterday.
Looking ahead: One of the factors driving gold prices today is that the market increasingly expects the US to reduce interest rates by 0.25 percentage points by June 2024.
Accordingly, US bond interest rates dropped to 4.19%, meaning the value of bonds increased, prompting investors to sell bonds and focus capital on precious metals. Gold price today has momentum to increase sharply.
On the analytical chart, short-term XAUUSD may still be influenced by resistance, but the uptrend is still well established thanks to the guidance from EMA 34.89. Immediate support was established around the $2,180 mark to consolidate the bulls' advantage. If the price quickly recovers from this level, we could see a significant upside scenario without any difficulty.