๐ Market Analysis
Product: XAU/USD
Prediction: Increase
Date: 30 September 2024
๐ตTechnical Analysis:
-ย ย ย ย ย ย ย From a technical standpoint, the Relative Strength Index on the daily chart indicates overbought conditions, making bulls hesitant to place new bets on XAU/USD. However, the recent breakout from a short-term ascending trend channel suggests that gold prices are likely to rise.
-ย ย ย ย ย ย ย Bulls should wait for some consolidation or a small pullback before extending the recent uptrend.
-ย ย ย ย ย ย ย Any significant dip could present a buying opportunity near the channel resistance around $2,625, which should help limit declines near the $2,600 mark. If this level is decisively broken, it may lead to more significant losses in the near term.
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