XAUUSD Forex Analysis for Today, Friday(12-01-2024)

XAUUSD Forex Analysis for Today, Friday(12-01-2024)

XAUUSD Forex Analysis for Today, Friday(12-01-2024)

GOLD Retrace: Potential SELL Opportunity Arises Again!

Daily Analysis XAUUSD

US Inflation Data Pressures Gold Prices

Gold prices were under pressure yesterday due to relatively high US CPI data, leading the market to believe that the Fed’s interest rates will remain high even after March 2024.

Retrace Unable to Exceed Previous High

A retracement occurred but failed to surpass yesterday’s initial downward movement and was halted in the resistance area.

Conclusion: WEAK GOLD

Resistance

  • R1 2040.00
  • R2 2030.00
  • R3 2050.00
  • R4 2060.00

Support

  • S1 2030.00
  • S2 2040.00
  • S3 2024.00
  • S4 2020.00
JustMarkets

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