XAUUSD Forex Analysis – Tuesday, January 16, 2024

XAUUSD Forex Analysis – Tuesday, January 16, 2024

XAUUSD Forex Analysis for Today – Tuesday, January 16, 2024

Check out the analysis at onlineforexafrica.com

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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