XAUUSD Forex Analysis for Today, Wednesday (29-05-2024)

XAUUSD Forex Analysis for Today, Wednesday (29-05-2024)

Targeting Sell XAUUSD Again: Price Tests Resistance and Potential BEARISH FLAG

Analysis of XAUUSD
Gold Gains Capped by US Consumer Confidence
US CB Consumer Confidence rose to 102 in May, capping gold price gains after an earlier decline in the Asian session yesterday.

Potential Bearish Flag Still Present

There is still a potential for a bearish flag pattern to form 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.


Resistance Levels:

  • R1: 2371.43
  • R2: 2358.92
  • R3: 2378.17
  • R4: 2383.79

Support Levels:

  • S1: 2358.92
  • S2: 2373.52
  • S3: 2354.91
  • S4: 2348.01

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