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

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

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

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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

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. XM broker south africa is not responsible for any losses that may arise from the use of this analysis.

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