XAUUSD Forex Analysis for Today, Friday(05-04-2024)

XAUUSD Forex Analysis for Today, Friday(05-04-2024)

XAUUSD Forex Analysis for Today, Friday(05-04-2024)

Potential to SELL XAUUSD Today! Breaking Trend Line!

Daily Analysis XAUUSD

Awaiting Economic Data Release

The US Bureau of Labor Statistics is scheduled to release the latest non-farm payroll report this Friday. Strong employment reports indicate economic resilience, prompting the US central bank to postpone plans to lower interest rates in the near term. This scenario is bullish for the Dollar, putting pressure on Gold.

Break Trend Line, Potential Trend Change

The price failed to break the previous high, has broken the trend line on the H1 timeframe, and there is potential for a change to a downtrend after confirmation of the breakout. Selling potential is available if the breakout is confirmed as long as the price does not exceed the nearest resistance area.

Prediction: WEAK XAUUSD

Resistance

  • R1 2300.29
  • R2 2286.98
  • R3 2307.75
  • R4 2315.09

Support

  • S1 2286.98
  • S2 2300.29
  • S3 2274.48
  • S4 2267.56
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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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