XAUUSD Forex Analysis for Today – Tuesday, January 16, 2024
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Prepare to SELL GOLD: Triangle Almost Fails
Daily Analysis of XAUUSD
Gold is holding its ground due to ongoing tensions in the Middle East and the possibility of Fed interest rate cuts.
Triangle Too Close to Apex
There is potential for a symmetrical triangle pattern, but the price has moved too close to the apex area, raising the possibility of the pattern failing and transforming into a reversal pattern.
Conclusion: Weak Gold
Resistance Levels
- R1: 2060.00
- R2: 2045.00
- R3: 2065.00
- R4: 2075.00
Support Levels
- S1: 2045.00
- S2: 2060.00
- S3: 2044.00
- S4: 2036.00
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