XAUUSD Forex Analysis for Today, Thursday(23-05-2024)

XAUUSD Forex Analysis for Today, Thursday(23-05-2024)

XAUUSD Forex Analysis for Today, Thursday(23-05-2024)



XAUUSD Analysis

Profit Taking Hits Gold

Gold prices weakened by more than 1 percent due to profit taking as the market lost confidence that the Fed will cut interest rates this year. Fed officials indicated that rate cuts will be slower than anticipated as they want to be sure that inflation is genuinely moving toward the 2 percent target.

Trendline Break

Gold prices broke below the rising trendline visible on the H1 time frame. Sell opportunities can be sought if there is a break below support.


Resistance Levels:

  • R1 2408.83
  • R2 2389.22
  • R3 2424.22
  • R4 2436.97

Support Levels:

  • S1 2368.91
  • S2 2389.22
  • S3 2352.52
  • S4 2338.81

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