XAUUSD Forex Analysis for Today
BUY Opportunity in XAUUSD: Inverse Head and Shoulders Confirmed
XAUUSD Analysis
Market Continues to Monitor US Economic Data
Gold prices remain stable after correcting over the past four days. The market is awaiting a series of economic data this week for more clues on when the Fed might start cutting interest rates this year, although 93 percent of market participants believe the Fed will do so in September according to the CME FedWatch Tool.
Inverse Head and Shoulders
The reversal pattern of inverse head and shoulders is confirmed on the H1 time frame. A pullback has occurred to the neckline area and a rebound is seen from this neckline area.
Prediction: STRONG XAUUSD
Resistance
- R1: 2382.91
- R2: 2341.33
- R3: 2453.34
- R4: 2475.22
Support
- S1: 2380.00
- S2: 2400.00
- S3: 2420.00
- S4: 2440.00
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