XAUUSD Forex Analysis for Today, Tuesday (07-05-2024)
XAUUSD Hits Resistance Again, Look for SELL Opportunities Again!
XAUUSD Analysis
Richmond Fed President: Current Interest Rates Are Adequate
The market continues to digest the latest lower-than-expected US NFP data. It will also monitor upcoming inflation data; a weaker inflation outlook would strengthen expectations of a rate cut later this year. However, Richmond Fed President Thomas Barkin stated that he doesn’t see inflation starting to decline and reaffirmed that the current interest rate level is appropriate. The market is also monitoring ceasefire efforts between Israel and Hamas.
Re-testing Resistance
Price increases are again halted by the resistance area. Selling opportunities can be sought in this resistance area.
Prediction: WEAK XAUUSD
Resistance Levels
- R1: 2334.98
- R2: 2320.35
- R3: 2344.61
- R4: 2360.65
Support Levels
- S1: 2320.35
- S2: 2334.98
- S3: 2313.37
- S4: 2298.72
Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. XM broker south africa is not responsible for any losses that may arise from the use of this analysis.
forex analysis | gbpjpy forecast | eur chf forecast | gbp usd forecast | best forex prediction site | top down analysis forex | gbp usd forecast | xau usd forecast