📉 Gold Tests Key Support: Will the $4,260 Floor Hold?
Gold ($XAU ) is facing intense pressure this week, sliding from its recent highs to test multi-month lows near $4,262/oz. Driven by hot U.S. employment data, expectations are rising that the Federal Reserve will maintain a hawkish stance and hold interest rates higher for longer. This has supercharged the DXY, keeping a tight lid on precious metals. However, with the 14-day RSI entering oversold territory at 24.6, technical day traders are watching for a fierce defensive bounce right here. If the bulls fail to protect the $4,260 structural shelf, the floodgates could open for a deeper correction toward the long-term upward trendline at $4,230. Eyes on the chart! 🔍🦅
XAUUSDT
Perp.
4,236.26
+0.27%