XAUUSD Forex Analysis for Today – Thursday (02-05-2024)
XAUUSD Hindered at Resistance, Opportunity to SELL Today
XAUUSD Daily Analysis
Fed Won’t Cut Interest Rates Yet
The dollar weakened in response to Powell’s statement to reduce the Quantitative Tightening program, a monetary policy that could support USD strength. However, Powell also mentioned that cutting interest rates is not an option until the Fed is truly confident that inflation has fallen to the 2 percent target.
Price Increase Hindered at Resistance
The price increase is hindered by the resistance area. Sell opportunities can be sought in that resistance area.
Prediction: WEAK XAUUSD
Resistance Levels
- R1: 2335.54
- R2: 2320.35
- R3: 2344.60
- R4: 2351.48
Support Levels
- S1: 2320.35
- S2: 2335.54
- S3: 2313.37
- S4: 2305.05
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