XAUUSD Forex Analysis for Today, Wednesday (10-01-2024)
GOLD Prepares for Another Decline? WEDGE Pattern Identified!
Daily Analysis of XAUUSD
Market Awaits Inflation Data for Fed’s Interest Rate Direction
The Fed began showing a cautious stance at the December FOMC meeting, but the market will still monitor inflation data to gauge the Fed’s interest rate direction. If dovish sentiment begins to diminish, the USD might strengthen, putting pressure on gold once again.
Bearish Rising Wedge Pattern Emerges
Confirmation of the bearish rising wedge pattern could lead to further weakening. Watch for potential pullbacks to the resistance area.
Conclusion: WEAK GOLD
Resistance
- R1 2045.00
- R2 2035.00
- R3 2050.00
- R4 2055.00
Support
- S1 2035.00
- S2 2045.00
- S3 2027.50
- S4 2020.00
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