XAUUSD Forex Analysis for Today, Monday (10-06-2024)
XAUUSD Plunges! SELL if Support Breaks
XAUUSD Analysis
US NFP Exceeds Expectations
Gold prices plummeted hit by two factors: improving US NFP data and bearish sentiment from China. The US NFP data announced an increase of 272 thousand, triggering dollar strength and expectations that the Fed may further delay interest rate cuts. Bearish sentiment was also triggered by data showing a decrease in gold purchases from top Chinese consumers in May.
Sell if Support Breaks
XAUUSD is under pressure and testing the support area. Selling opportunities can be taken if there is a valid breakthrough below the support area.
Forecast: WEAK XAUUSD
Resistance Levels
- R1 2325.72
- R2 2306.20
- R3 2332.31
- R4 2342.70
Support Levels
- S1 2285.42
- S2 2306.20
- S3 2270.97
- S4 2259.82
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