XAUUSD Forex Analysis for Today, Friday (31-05-2024)

XAUUSD Forex Analysis for Today, Friday (31-05-2024)

XAUUSD Strengthens, Continue Buying If Resistance Breaks

Analysis of XAUUSD
Weakening USD Lifts Gold
Gold prices rose as the USD weakened alongside declining US bond yields. The weak US Preliminary GDP data revived expectations that the Fed will proceed with interest rate cuts this year.

Resistance Holds

The strengthening of XAUUSD is held at the resistance area. Buying opportunities can be taken if a breakout above this resistance area occurs.


Resistance Levels:

  • R1: 2352.50
  • R2: 2336.79
  • R3: 2358.91
  • R4: 2370.15

Support Levels:

  • S1: 2336.79
  • S2: 2352.50
  • S3: 2330.94
  • S4: 2325.63

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. Exness South africa is not responsible for any losses that may arise from the use of this analysis.

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