XAUUSD Forex Analysis for Today, Thursday (16-05-2024)
XAUUSD SOARS! Look for More BUY Opportunities!
XAUUSD Analysis
Gold Strengthens After US CPI Data
Gold prices surged to a three-week high due to USD weakening following weaker-than-expected US CPI and retail sales data, which increased the likelihood of a rate cut by the Fed in September.
Monitor Resistance Breakout
Prices are still held at the resistance area in the H1 time frame. A breakout above the resistance will increase buy opportunities.
Prediction: STRONG XAUUSD
Resistance
- R1 2395.24
- R2 2374.06
- R3 2404.54
- R4 2414.96
Support
- S1 2374.06
- S2 2395.24
- S3 2364.55
- S4 2352.71
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