XAUUSD Forex Analysis for Today, Wednesday (17-01-2024)
Prepare to SELL GOLD: Closely Monitor Support Area!
Daily Analysis XAUUSD
Gold Falls Due to Dollar Strengthening
Gold weakens as the dollar strengthens following hawkish statements from a Fed official, Christopher Weller, about interest rates this year.
Consolidation After the Drop, Watch Support
The H1 time frame shows a distribution/consolidation phase after a significant drop, indicated by two quite significant bearish candles. A breakthrough of support will strengthen the bearish bias.
Conclusion: WEAK GOLD
Resistance
- R1 2032.50
- R2 2022.50
- R3 2035.00
- R4 2039.00
Support
- S1 2023.50
- S2 2032.50
- S3 2020.00
- S4 2017.50
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