XAUUSD Forex Analysis for Today, Friday (16-08-2024)
SELL Opportunity for XAUUSD: Pullback to Resistance Zone
XAUUSD Analysis
US CPI Reduces Fed Rate Cut Expectations
The price of gold has corrected by approximately 1% after last night’s US CPI data revealed that the CPI figure increased as anticipated for July (MoM), thus reducing expectations for a Fed rate cut in September.
Break of Trendline + Triple Top Pattern
The upward trendline observed on the H1 time frame has been breached, followed by the appearance of a triple top pattern. A sell opportunity may be sought if a pullback occurs to the baseline area of this pattern.
Forecast: WEAK XAUUSD
Resistance Levels:
- R1: 2480.00
- R2: 2470.00
- R3: 2460.00
- R4: 2450.00
Support Levels:
- S1: 2480.45
- S2: 2434.41
- S3: 2412.33
- S4: 2389.99
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