XAUUSD Forex Analysis for Today, Tuesday (27-02-2024)

XAUUSD Forex Analysis for Today, Tuesday (27-02-2024)

XAUUSD Forex Analysis for Today, Tuesday (27-02-2024)

Consolidated: XAUUSD Monitors SELL Opportunities at the Peak

Daily XAUUSD Analysis

Gold Awaits Release of US PCE and GDP Data

Gold prices fell on Monday due to concerns about higher US interest rates for an extended period. These concerns are supported by signs of high US inflation and resilience in the labor market. Spot and futures gold prices declined, with a focus on the US PCE price index data and fourth-quarter gross domestic product reading.

Monitor Resistance Area

Prices pulled back after a brief correction, and Gold is observed testing the key resistance area again. The movement tends to be sideways at the peak, and prices have the potential to range in a similar area until the release of US GDP and PCE data.

Prediction: WEAK GOLD

Resistance

  • R1 2041.18
  • R2 2035.34
  • R3 2047.90
  • R4 2055.67

Support

  • S1 2035.34
  • S2 2041.18
  • S3 2030.80
  • S4 2024.43
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