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.
Forecast: STRONG XAUUSD
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
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