$XAU/USD (XAUUSD.CFD)$
XAUUSD H1
The Federal Reserve opened the interest rate cut cycle with a substantial 50 basis point cut, and gold hit a historical high of 2600. With Powell's speech, gold fell to 2546 and closed at 2560. In yesterday's morning session, the resistance at 2560 resistance was unable to break through for four hours. However, with the fall of the US dollar, gold broke through the 2560 resistance in the morning session and rose to a high of 2595 before falling back to 2570 and then rising again. It finally closed near 2590. The latest weekly unemployment claims and Q2 current account were announced by the United States last night. The data showed that the job market performed better than expected, but the current account remained in a large deficit. These two data should have driven the gold price to break through the position, but it only refreshed the second high point. Under the recent interest rate cuts by the Federal Reserve and the impact of geopolitics, gold still needs to be cautious.
On the technical side, gold failed to refresh the high point of 2600 last night, and fell back to the second high point of 2595. Now it has returned to a high level and is still maintaining an upward channel, so be cautious of the price falling. Pay close attention to the resistance role that the high point and second high point bring to the gold price.
Upper resistance at 2590, second resistance at 2595, third resistance at 2600.
Lower support at 2580, second support at 2570, third support at 2560.

# This advice is only general advice and does not take into account your specific financial situation and needs. Investment involves risk, please...

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