Gold Prices Decline for 6 Consecutive Sessions, Facing Resistanc
Gold prices fell for the sixth consecutive session on Wednesday (October 9), driven by a stronger USD and diminished expectations for a more aggressive rate cut in November 2024.
Gold is currently hovering around $2,608.880, after hitting a key support level at $2,575.921. This is a crucial support zone that buyers need to defend to prevent further declines.
At present, gold is facing strong resistance at $2,648.815 and $2,624.834. If these levels cannot be surpassed, gold is likely to continue correcting down to the nearest support at $2,575.985. However, if buyers manage to push prices past the current resistance, the market could see a short-term rally.
The RSI indicator is currently at 36.19, suggesting that bearish momentum still dominates and warning of a potential deeper correction.
Gold is currently hovering around $2,608.880, after hitting a key support level at $2,575.921. This is a crucial support zone that buyers need to defend to prevent further declines.
At present, gold is facing strong resistance at $2,648.815 and $2,624.834. If these levels cannot be surpassed, gold is likely to continue correcting down to the nearest support at $2,575.985. However, if buyers manage to push prices past the current resistance, the market could see a short-term rally.
The RSI indicator is currently at 36.19, suggesting that bearish momentum still dominates and warning of a potential deeper correction.
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