XAUUSD Forex Analysis for Today, Tuesday (07-05-2024)

XAUUSD Forex Analysis for Today, Tuesday (07-05-2024)

XAUUSD Forex Analysis for Today, Tuesday (07-05-2024)

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XAUUSD Hits Resistance Again, Look for SELL Opportunities Again!

XAUUSD Analysis

Richmond Fed President: Current Interest Rates Are Adequate

The market continues to digest the latest lower-than-expected US NFP data. It will also monitor upcoming inflation data; a weaker inflation outlook would strengthen expectations of a rate cut later this year. However, Richmond Fed President Thomas Barkin stated that he doesn’t see inflation starting to decline and reaffirmed that the current interest rate level is appropriate. The market is also monitoring ceasefire efforts between Israel and Hamas.

Re-testing Resistance

Price increases are again halted by the resistance area. Selling opportunities can be sought in this resistance area.

Prediction: WEAK XAUUSD

Resistance Levels

  • R1: 2334.98
  • R2: 2320.35
  • R3: 2344.61
  • R4: 2360.65

Support Levels

  • S1: 2320.35
  • S2: 2334.98
  • S3: 2313.37
  • S4: 2298.72

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