XAUUSD Forex Analysis for Today, Wednesday (31-07-2024)
Get Ready to BUY XAUUSD: Trendline Broken
XAUUSD Analysis
Awaiting Fed Decision
Gold prices rose due to expectations of a rate cut in the US and increased geopolitical tensions in the Middle East following Israel’s retaliatory strike on Hezbollah. The Fed is scheduled to announce interest rates early Thursday morning, expected to maintain rates at 5.5%, but the market believes the Fed will soon begin a rate-cutting cycle in September.
Down Trendline Broken
The down trendline visible on the H1 time frame has been broken. There is a possibility that prices will move up. Be cautious of a potential pullback to the trendline area.
Prediction: STRONG XAUUSD
Resistance
- R1 2367.41
- R2 2418.73
- R3 2448.50
- R4 2475.48
Support
- S1 2375.00
- S2 2400.00
- S3 2425.00
- S4 2450.00
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