XAUUSD Forex Analysis for Today, Wednesday (07-08-2024)
SELL Opportunity for XAUUSD: Still Held by Trendline
XAUUSD Analysis
Dollar Strength Pressures Gold
Gold prices continue to weaken due to the strengthening USD and rising yields on US government bonds. However, expectations of interest rate cuts by the Fed and escalating geopolitical tensions in the Middle East should be monitored as they could potentially halt further declines.
Still Held by Trendline
Prices are still constrained by a downward trendline on the M30 time frame. Look for sell opportunities in the area near the trendline.
Prediction: WEAK XAUUSD
Resistance
- R1 2480.00
- R2 2460.00
- R3 2440.00
- R4 2420.00
Support
- S1 2421.02
- S2 2373.35
- S3 2350.84
- S4 2326.67
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