XAUUSD Forex Analysis for Today, Tuesday (20-08-2024)
XAUUSD Still Shows BUY Potential, Monitor Trendline Area
XAUUSD Analysis
Market Awaits Fed Signals
The price of gold experienced a correction yesterday but has since risen back to the $2,500 per troy ounce range. Currently, the market is awaiting indications from the Federal Reserve regarding monetary policy actions, and is also keeping an eye on developments in the Middle East.
Monitor Trendline Area
The price remains above the upward trendline observed on the H1 time frame. A buy opportunity may arise if there is a correction toward the trendline area.
Forecast: STRONG XAUUSD
Resistance Levels:
- R1: 2429.22
- R2: 2503.03
- R3: 2536.41
- R4: 2570.04
Support Levels:
- S1: 2425.00
- S2: 2450.00
- S3: 2575.00
- S4: 2500.00
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