XAUUSD Forex Analysis for Today, Wednesday (21-08-2024)
Continue Seeking BUY Opportunities for XAUUSD, Correction to Trendline Area
XAUUSD Analysis
USD Weakness Triggers Gold Rally
Gold prices extended their rally yesterday, remaining above the critical $2,500 per troy ounce level. This rally is driven by the weakening USD and growing market confidence that the Fed will cut interest rates in September.
Still Supported by Trendline
The price is still moving above the upward trendline visible on the H1 time frame, specifically the accelerating trendline. A correction occurred to this trendline area. However, if it breaks, there is a possibility of further correction to the major trendline below.
Forecast: STRONG XAUUSD
Resistance Levels:
- R1: 2480.55
- R2: 2530.99
- R3: 2555.89
- R4: 2580.46
Support Levels:
- S1: 2420.00
- S2: 2440.00
- S3: 2460.00
- S4: 2480.00
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