Hello traders, let's dive into the gold market, XAUUSD, today!
Gold is presently oscillating around the $2160 mark in the early trading hours of Wednesday. The metal faced a considerable downturn last night as news releases bolstered the US Dollar, thereby curbing XAUUSD's ascent.
Chart analysis suggests a modest recovery for gold, finding support at $2153. Yet, the path ahead holds challenges with a resistance barrier at $2165, a confluence of the EMA and previous resistance, suggesting that sellers may once again drive prices down from this zone.
Remember to set your Take Profits (TP) and Stop Losses (SL) to trade safely. Happy trading!