XAUUSD Forex Analysis for Today – Thursday (25-01-2024)
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Triple Top: Gold in Freefall!
Daily Analysis of XAUUSD
Strength of USD Pressures Gold Prices
The strong dollar and uncertainty over the US interest rate cuts impact gold prices. US economic data, Fed meetings, and the prospect of interest rate cuts are the market focus. There is a chance of a weakening US Dollar before GDP and inflation data.
Confirmation of Pattern Supports Gold Decline
Falling from the resistance, gold undergoes a significant correction. Confirmation of the Triple Top pattern is likely to bring gold down even further.
Conclusion: GOLD in a Weakened State
Resistance Levels
- R1: 2026.00
- R2: 2020.00
- R3: 2031.70
- R4: 2038.30
Support Levels
- S1: 2016.00
- S2: 2026.00
- S3: 2010.00
- S4: 2001.95
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