XAUUSD Forex Analysis for Today, Friday (09-08-2024)
XAUUSD Reverses, Potential BUY! Symmetrical Triangle Forms Reversal Pattern!
XAUUSD Analysis
Gold Rises Due to Safe-Haven Status
Gold prices are rising due to its safe-haven status amidst potential retaliation attacks on Israel from Hamas and Hezbollah, supported by Iran, in response to the killing of several of their leaders. Additionally, there are expectations of a 50 basis point rate cut by the Fed in September.
Symmetrical Triangle Transforms into Reversal Pattern
The symmetrical triangle pattern visible on the H1 time frame is evolving into a reversal pattern. BUY opportunities can be sought if a correction occurs to the area of the upper line of this pattern.
Prediction: STRONG XAUUSD
Resistance
- R1 2380.11
- R2 2426.81
- R3 2448.26
- R4 2470.28
Support
- S1 2360.00
- S2 2370.00
- S3 2380.00
- S4 2390.00
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