XAUUSD Forex Analysis for Today, Friday (19-07-2024)
Potential SELL for XAUUSD, Descending Triangle Formed
Analysis XAUUSD
Profit Taking Continues with Dollar Strength
Profit taking continues and correction extends into the third day after gold prices hit a new all-time high. The correction is also driven by the strengthening dollar, which has risen from its four-month low.
Descending Triangle + BoS
The descending triangle pattern is confirmed on the H1 time frame, also confirming a break of structure (BoS) on the H1 time frame.
Prediction: WEAK XAUUSD
Resistance
- R1 2475.00
- R2 2450.00
- R3 2425.00
- R4 2400.00
Support
- S1 2479.20
- S2 2423.41
- S3 2394.00
- S4 2365.06
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