XAUUSD Forex Analysis for Today, Tuesday (28-05-2024)

XAUUSD Forex Analysis for Today, Tuesday (28-05-2024)

Prepare to SELL: Potential BEARISH FLAG in XAUUSD

Analysis of XAUUSD
Market Monitors UK Inflation Data
Gold rose amid thin trading volume due to holidays in the US and UK. The market is still awaiting US inflation data this week, which will serve as a reference for the potential direction of the Fed’s interest rate policy.

Potential Bearish Flag

There is a potential formation of a bearish flag pattern on the H1 time frame. The pattern will be confirmed if the lower line is breached, but sell opportunities can also be sought in the resistance area or upper line of the pattern.

Forecast: WEAK XAUUSD

Resistance Levels:

  • R1: 2359.12
  • R2: 2346.26
  • R3: 2367.04
  • R4: 2375.88

Support Levels:

  • S1: 2351.20
  • S2: 2361.57
  • S3: 2346.26
  • S4: 2332.60
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