XAUUSD Forex Analysis – Tuesday (06-02-2024)

XAUUSD Forex Analysis – Tuesday (06-02-2024)

XAUUSD Forex Analysis for Today, Tuesday (06-02-2024)

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GOLD PLUMMETS! Monitor Resistance to Look for SELL Again

Daily XAUUSD Analysis

Dollar Strength Pressuring Gold Again

Gold falls, pressured by the strengthening dollar and rising yields on US government bonds. Dollar strength continues after ISM non-manufacturing PMI data exceeded expectations.

Monitor Resistance Area

Prices are generally moving in a bearish bias today. Monitor the resistance area to once again look for confirmation of sell signals. Stay alert if resistance is breached as it could change the intraday bias to bullish.

Prediction: WEAK GOLD

Resistance

  • R1 2040.05
  • R2 2028.60
  • R3 2043.90
  • R4 2052.14

Support

  • S1 2028.60
  • S2 2040.05
  • S3 2025.45
  • S4 2019.91
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