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XAU/USD outlook: Gold rises further on uncertainties over US trade policies, weaker Dollar – FXStreet

XAU/USD

Gold prices hit a new multi-week high early Wednesday, extending Tuesday's 1.4% rise. The short-term move is largely supported by renewed uncertainty over President Trump's trade policy, which has led to a weaker dollar, and strong safe-haven demand amid widespread expectations that the Fed will maintain policy. Interest rates will remain unchanged at next week's policy meeting.

This is the third consecutive day of bullish activity above the $2700 level, as Tuesday's close was above the crucial barriers of $2721/26 (former double top) and $2730 (fibo is 76.4% of $2790/2536). , produced a strong bullish signal.

Bulls are focused on a new record high ($2,790, reached in October 2024) and the psychological $2,800 barrier, but a consolidation is likely before the final attack.

Overbought conditions on the daily chart and southward 14-day momentum indicate that the bulls are already starting to face headwinds.

The push should ideally find support at the 2730/20 zone (a previous key barrier) to indicate a healthy correction and provide a better level to re-enter the bullish market, but If the deeper push remains above the $2,700 zone, the overall picture is still expected to be biased higher.

answer: 2762; 2774; 2790; 2800.
Slurp: 2741; 2730; 2721; 2700.

Interested in XAU/USD technicals? Check out the key levels

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