XAUUSD Forex Analysis for Today, Monday (12-08-2024)
XAUUSD Still Potentially BULLISH, Above the Up Trendline!
XAUUSD Analysis
Market Confident in Fed Rate Cut in September
Gold prices remain steady following a strengthening last week, supported by a decline in US bond yields and growing market confidence that the Fed will cut interest rates in September.
Monitor the Trendline Area
Prices appear to be moving above the upward trendline on the M30 time frame. A buying opportunity could be sought if there is a correction towards this trendline area.
Forecast: STRONG XAUUSD
Resistance Levels:
- R1: 2380.11
- R2: 2440.43
- R3: 2466.60
- R4: 2492.03
Support Levels:
- S1: 2360.00
- S2: 2380.00
- S3: 2400.00
- S4: 2420.00
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