XAUUSD Forex Analysis for Today, Tuesday (06-08-2024)
SELL Opportunity for XAUUSD: Trendline Break, Pullback Occurs
XAUUSD Analysis
Profit Taking Pressures Price
Profit taking has caused a deeper correction in gold prices, but analysts predict this correction to be temporary. Additionally, market confidence in a 50 basis point rate cut by the Fed next month has slightly decreased, from 93% to around 73% according to the CME FedWatch Tool.
Bearish Rising Wedge Pattern
A bearish rising wedge pattern is seen on the M15 time frame. SELL opportunities can be found near the lower line of the pattern.
Prediction: WEAK XAUUSD
Resistance
- R1 2480.00
- R2 2470.00
- R3 2460.00
- R4 2450.00
Support
- S1 2425.98
- S2 2397.58
- S3 2385.20
- S4 2373.12
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