XAUUSD Still a SELL Opportunity: Broadening Pattern Persists
XAUUSD Analysis
US GDP Rises, Market Awaits PCE
The US GDP data for Q2 QoQ showed an increase from 1.4% to 3%, while weekly jobless claims dropped from 233,000 to 231,000. Today, the market anticipates the release of the Core PCE Price Index data to gain further insight into the potential magnitude of the Fed’s rate cuts.
Broadening Pattern Remains Visible
The broadening pattern is still evident on the H1 time frame. A sell opportunity can still be considered as long as the price stays within the boundaries of this formation.
Prediction: WEAK XAUUSD
Resistance Levels
- R1 2532.00
- R2 2528.00
- R3 2524.00
- R4 2520.00
Support Levels
- S1 2531.25
- S2 2517.58
- S3 2510.53
- S4 2503.18
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