XAUUSD Forex Analysis for Today – Wednesday (06-03-2024)
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XAUUSD SOARS! Seek Another BUY Opportunity, Be Cautious If Support Breaks
Daily XAUUSD Analysis
Betting on Interest Rate Cuts Boosts Gold Prices
Gold prices once again reached their highest point last night, surpassing $2140 per troy ounce, as market confidence grows that the Fed will begin cutting interest rates in June. Gold prices are also lifted by conflicts in the Middle East.
Monitor Support for Opportunities
Slight correction occurred on the H1 time frame. Monitor the support area for confirmation signals to buy today. Be cautious if support is breached, as it could lead to a deeper correction.
Prediction: STRONG GOLD
Resistance Levels
- R1: 2144.68
- R2: 2108.20
- R3: 2154.93
- R4: 2173.78
Support Levels
- S1: 2108.20
- S2: 2119.56
- S3: 2097.18
- S4: 2082.36
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