XAUUSD Forex Analysis for Today, Thursday (16-05-2024)

XAUUSD Forex Analysis for Today, Thursday (16-05-2024)

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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