XAUUSD Forex Analysis for Today, Thursday (22-02-2024)
Bearish Wedge Pattern: SELL Opportunity for XAUUSD
Daily XAUUSD Analysis
Weakened Briefly, Gold Rises Again Due to Middle East Conflict
Gold strengthened slightly again after being under pressure last night due to the ongoing Middle East conflict, which continues to drive the market to seek safe-haven assets. Gold was initially pressured after FOMC meeting minutes reduced the chances of an interest rate cut in March.
Bearish Rising Wedge Pattern
Intraday bias for now tends to be bearish after the appearance of a bearish rising wedge pattern on the H1 time frame. Note: sell opportunities can be sought if there is another pullback to the resistance area.
Prediction: WEAK GOLD
Resistance
- R1 2036.76
- R2 2030.38
- R3 2014.59
- R4 2002.28
Support
- S1 2030.38
- S2 2036.76
- S3 2026.68
- S4 2019.92
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