XAUUSD Forex Analysis for Today – Monday (13-05-2024)

XAUUSD Forex Analysis for Today – Monday (13-05-2024)

XAUUSD Forex Analysis for Today – Monday (13-05-2024)


Potential BUY Opportunity for XAUUSD: Possibility of a BULLISH WEDGE Pattern

XAUUSD Analysis

Gold Strengthens Due to Fed Interest Rate Expectations and Geopolitics

Gold prices are strengthening due to the increasing expectations of interest rate cuts by the Fed and geopolitical conditions in the Middle East involving Israel and Hamas.

Potential Bullish Wedge Pattern

There is a potential formation of a bullish wedge pattern on the H1 time frame. Buying opportunities can be sought if this pattern is confirmed, and it would be stronger if followed by a breakthrough above the resistance area.


Resistance Levels

  • R1 2380.86
  • R2 2347.05
  • R3 2391.16
  • R4 2402.58

Support Levels

  • S1 2347.05
  • S2 2380.86
  • S3 2338.54
  • S4 2321.74

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