XAUUSD market has broken out above the trendline, but a bearish divergence at the resistance level suggests that a correction may occur. With the market approaching the strong resistance at 2450, I anticipate a short-term pullback, particularly after the news release in the NY session. Since the price has broken out of the range zone below, it's likely to retest the broken level before making a move upwards if high impact news pushes the price to lower levels. However, if the market rejects the support area between 2420 and 2410 on retest, we can look for buying confirmation. My goal is the resistance zone around 2470.
📊QUICK FUNDAMENTAL LOOK
Gold prices rose on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more U.S. economic data for further monetary policy cues.
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