Seek BUY Opportunity in XAUUSD: Correction to BULLISH FLAG Area!
XAUUSD Analysis
Improvement in US Durable Goods Orders Data
The USD gained strength after the US durable goods orders data showed a significant increase from -6.9% to 9.9%. This strengthening was followed by a correction in gold prices. However, for now, the prospect of a rate cut by the Fed next month and rising geopolitical tensions in the Middle East are supporting gold prices from further declines.
Pullback to Bullish Flag Area
The bullish flag pattern visible on the H1 time frame remains valid. A pullback has occurred near the flag area. A buy signal can be sought again if a correction occurs towards the entry area near the upper line of the pattern.
Forecast: STRONG XAUUSD
Resistance Levels:
- R1: 2491.44
- R2: 2513.37
- R3: 2523.74
- R4: 2533.80
Support Levels:
- S1: 2440.00
- S2: 2450.00
- S3: 2460.00
- S4: 2470.00
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