XAUUSD Forex Analysis for Today, Thursday(23-05-2024)
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XAUUSD BREAKS TRENDLINE! Prepare to SELL!
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.
Forecast: WEAK XAUUSD
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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