XAUUSD Forex Analysis for Today, Monday (05-08-2024)
BUY Opportunity for XAUUSD: Still Above Trendline
XAUUSD Analysis
Profit Taking Causes Correction
The recent correction in gold prices is mainly due to profit taking after gold surged over 1% following weaker US labor data. Gold’s uptrend is expected to continue due to ongoing geopolitical tensions in the Middle East and anticipated interest rate cuts by the Fed.
Still Above Trendline
The price remains above the upward trendline visible on the H1 time frame. Look for buy opportunities if a correction occurs towards this trendline.
Prediction: STRONG XAUUSD
Resistance
- R1 2402.45
- R2 2441.29
- R3 2459.13
- R4 2477.78
Support
- S1 2360.00
- S2 2370.00
- S3 2380.00
- S4 2390.00
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