XAUUSD Forex Analysis for Today, Thursday (15-08-2024)
Prepare to SELL XAUUSD: Uptrend Line Breaks, Triple Top Pattern Appears!
XAUUSD Analysis
US CPI Reduces Expectations for Fed Rate Cut
Gold prices corrected by around 1% after the US CPI data last night showed that the CPI increased as expected in July (MoM), lowering the expectations for a Fed rate cut in September.
Trendline Break + Triple Top Pattern
The uptrend line visible on the H1 time frame has broken, accompanied by the emergence of a triple top pattern. A sell opportunity can be sought if a pullback occurs to the baseline area of the pattern.
Forecast: WEAK XAUUSD
Resistance Levels:
- R1: 2480.00
- R2: 2470.00
- R3: 2460.00
- R4: 2450.00
Support Levels:
- S1: 2480.45
- S2: 2434.41
- S3: 2412.33
- S4: 2389.99
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