XAUUSD Forex Analysis – Monday(05-02-2024)

XAUUSD Forex Analysis – Monday(05-02-2024)

XAUUSD Forex Analysis for Today – Monday(05-02-2024)

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GOLD Tests Support: Look for BUY Opportunities

Daily Analysis XAUUSD

Gold Plummets Post US NFP

Gold prices were under pressure on Friday due to the strengthening USD and the rise in yields of US government bonds following the robust US non-farm payrolls data, creating uncertainty about the potential Fed interest rate cuts.

Correction to Support Area

Prices corrected to the support area that intersects with the trendline visible on the H1 time frame. Buy opportunities can still be sought as long as prices do not break below the support or trendline.

Prediction: STRONG GOLD

Resistance

  • R1: 2032.64
  • R2: 2024.21
  • R3: 2038.08
  • R4: 2046.44

Support

  • S1: 2024.21
  • S2: 2032.64
  • S3: 2018.70
  • S4: 2009.42
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