XAUUSD Forex Analysis for Today, Thursday (22-08-2024)
Check BUY Potential for XAUUSD! BULLISH WEDGE Pattern Confirmed!
XAUUSD Analysis
FOMC Minutes Bolster Rate Cut Expectations
The minutes released show that policymakers at the FOMC agree that they are likely to cut interest rates at the next meeting, although a condition remains—that inflation has truly subsided. The market will look for further clues during the Fed Chair’s speech tomorrow at the Jackson Hole symposium.
Wedge Pattern Confirmed
A bullish falling wedge pattern has been confirmed on the H1 time frame. A pullback has occurred to the upper line of this pattern. Additionally, the price is also still moving above the uptrend line seen on the H1 time frame.
Forecast: STRONG XAUUSD
Resistance Levels:
- R1: 2480.55
- R2: 2530.99
- R3: 2555.89
- R4: 2580.46
Support Levels:
- S1: 2440.00
- S2: 2460.00
- S3: 2480.00
- S4: 2500.00
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