XAUUSD Forex Analysis for Today, Friday (23-08-2024)
SELL Opportunity on XAUUSD! Trendline Has Been Broken!
XAUUSD Analysis
USD Strengthens Ahead of Powell’s Speech
The USD strengthened ahead of Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium today. According to the CME FedWatch Tool, only 27% of market participants expect the Fed to cut interest rates by 50 basis points, while 73% anticipate a reduction of just 25 basis points.
Trendline Broken
The uptrend line visible on the H1 time frame has been broken, suggesting a bearish intraday bias today. A pullback to the trendline area can be utilized to look for sell signal confirmations.
Forecast: WEAK XAUUSD
Resistance Levels:
- R1: 2530.00
- R2: 2520.00
- R3: 2510.00
- R4: 2500.00
Support Levels:
- S1: 2521.46
- S2: 2464.04
- S3: 2436.05
- S4: 2407.72
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