XAUUSD Forex Analysis for Today, Friday (06-09-2024)

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XAUUSD Looking for BUY Opportunities, Resistance Broken

XAUUSD Analysis

The market’s view on the Fed’s rate cut has shifted. Gold prices have risen again, approaching their weekly highs, supported by the weakening USD and falling bond yields. Yesterday’s ADP nonfarm employment change for August came in lower than expected, although weekly jobless claims showed improvement.

Resistance Broken

The resistance seen yesterday has been broken, and today’s price movement tends to be bullish. BUY opportunities can be found in the entry area near the support zone on the H1 timeframe.

Prediction: STRONG XAUUSD

Resistance Levels

• R1: 2490.14
• R2: 2526.64
• R3: 2542.28
• R4: 2558.61

Support Levels

• S1: 2475.00
• S2: 2480.00
• S3: 2485.00
• S4: 2490.00

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. Exness South africa is not responsible for any losses that may arise from the use of this analysis.

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XAUUSD Forex Analysis for Today, Thursday (05-09-2024)

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XAUUSD Still Has SELL Potential, Resistance Holding Again

XAUUSD Analysis

The gold price experienced a decline once more, reaching its lowest level in nearly two weeks. This drop is partly due to market expectations that the Fed’s rate cut this month will be modest, with predictions of only a 25 basis point reduction.

Resistance Holding Again

Gold prices are once again testing the resistance area. SELL opportunities may still be explored in entry areas that align with the resistance levels.

Prediction: WEAK XAUUSD

Resistance Levels

• R1: 2525.00
• R2: 2520.00
• R3: 2515.00
• R4: 2510.00

Support Levels

• S1: 2507.53
• S2: 2485.33
• S3: 2474.75
• S4: 2463.64

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.

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XAUUSD Still SELL Potential After Hitting TP2, Held by Down Trendline

XAUUSD Analysis

Gold Hits Lowest Level in a Week

Gold prices briefly touched their lowest point in a week, pressured by the strengthening USD as the market awaits the US non-farm payrolls data, which could influence the magnitude of the Fed’s interest rate cuts.

Still Held by Down Trendline

Gold is once again testing the resistance area after breaking through TP2 as per yesterday’s Trade Plan. On the H1 time frame, the price remains below the descending trendline. Selling opportunities can still be sought around the entry area and the descending trendline.

Prediction: WEAK XAUUSD

Resistance Levels

• R1 2540.00
• R2 2530.00
• R3 2520.00
• R4 2510.00

Support Levels

• S1 2507.53
• S2 2485.33
• S3 2474.75
• S4 2463.64

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. Exness South africa is not responsible for any losses that may arise from the use of this analysis.

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XAUUSD Still Showing SELL Potential, Remains Under Pressure

XAUUSD Analysis

Gold Remains Pressured

The price of gold continues to be pressured due to the strengthening USD, while market participants await the US non-farm payrolls data to solidify expectations regarding the Fed’s rate cut size this month.

Still Pressured

Gold prices are generally still under pressure for the intraday outlook. SELL opportunities can still be sought if a pullback occurs to the entry area.

Prediction: WEAK XAUUSD

Resistance Levels

• R1 2530.00
• R2 2525.00
• R3 2520.00
• R4 2515.00

Support Levels

• S1 2507.53
• S2 2485.33
• S3 2474.75
• S4 2463.64

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.

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XAUUSD SELL Potential: Observed THREE BLACK CROWS Pattern

XAUUSD Analysis

Gold Slumps as USD Strengthens

The price of gold plummeted as the USD gained strength and US Treasury yields rose following inflation data that aligned with market expectations. The market is set to watch a series of data releases culminating in the US non-farm payrolls at the end of this week.

Three Black Crows Pattern

A three black crows pattern is visible on the H1 time frame. Selling opportunities may still be sought if there is a pullback to the entry area within the scope of this pattern.

Prediction: WEAK XAUUSD

Resistance Levels

• R1 2532.00
• R2 2528.00
• R3 2524.00
• R4 2520.00

Support Levels

• S1 2507.53
• S2 2493.72
• S3 2486.60
• S4 2479.39

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. Exness South africa is not responsible for any losses that may arise from the use of this analysis.

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XAUUSD SELL Potential: Observed THREE BLACK CROWS Pattern

XAUUSD Analysis

Gold Slumps as USD Strengthens

The price of gold plummeted as the USD gained strength and US Treasury yields rose following inflation data that aligned with market expectations. The market is set to watch a series of data releases culminating in the US non-farm payrolls at the end of this week.

Three Black Crows Pattern

A three black crows pattern is visible on the H1 time frame. Selling opportunities may still be sought if there is a pullback to the entry area within the scope of this pattern.

Prediction: WEAK XAUUSD

Resistance Levels

• R1 2532.00
• R2 2528.00
• R3 2524.00
• R4 2520.00

Support Levels

• S1 2507.53
• S2 2493.72
• S3 2486.60
• S4 2479.39

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. Exness South africa is not responsible for any losses that may arise from the use of this analysis.

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XAUUSD Still a SELL Opportunity: Broadening Pattern Persists

XAUUSD Analysis

US GDP Rises, Market Awaits PCE

The US GDP data for Q2 QoQ showed an increase from 1.4% to 3%, while weekly jobless claims dropped from 233,000 to 231,000. Today, the market anticipates the release of the Core PCE Price Index data to gain further insight into the potential magnitude of the Fed’s rate cuts.

Broadening Pattern Remains Visible

The broadening pattern is still evident on the H1 time frame. A sell opportunity can still be considered as long as the price stays within the boundaries of this formation.

Prediction: WEAK XAUUSD

Resistance Levels

• R1 2532.00
• R2 2528.00
• R3 2524.00
• R4 2520.00

Support Levels

• S1 2531.25
• S2 2517.58
• S3 2510.53
• S4 2503.18

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. Exness South africa is not responsible for any losses that may arise from the use of this analysis.

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Check XAUUSD SELL Potential: BROADENING Pattern Observed

XAUUSD Analysis

USD Strengthens, Market Awaits US GDP

Gold prices dropped amid a strengthening USD as the market anticipates today’s US GDP data, followed by Friday’s US inflation data in the form of the PCE Price Index. If the PCE data comes in lower than expected, the Fed may adopt a more dovish stance. Conversely, if not, the USD’s weakening might be limited.

Broadening Pattern

A broadening pattern has appeared on the H1 timeframe. A sell opportunity can be sought in the entry area below the upper line of this pattern.

Prediction: WEAK XAUUSD

Resistance Levels

• R1 2540.00
• R2 2535.00
• R3 2530.00
• R4 2525.00

Support Levels

• S1 2529.89
• S2 2504.46
• S3 2491.20
• S4 2478.45

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.

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XAUUSD BUY Opportunity: BULLISH FLAG CONFIRMED AGAIN!

XAUUSD Analysis

Market Confidence in Fed Remains

Gold prices continue to strengthen as the market remains confident that the Fed will proceed with a rate cut in September. Currently, according to the CME FedWatch Tool, 71% of market participants believe the Fed will implement a 25 basis point rate cut, while 29% foresee a 50 basis point rate cut.

Bullish Flag Confirmed

The bullish flag pattern has been confirmed again on the H1 timeframe. A pullback is occurring near the flag area. A buy signal can be sought again if a correction occurs near the entry area close to the upper line of the pattern.

Prediction: STRONG XAUUSD

Resistance Levels

• R1 2501.86
• R2 2528.78
• R3 2540.56
• R4 2552.94

Support Levels

• S1 2470.00
• S2 2480.00
• S3 2490.00
• S4 2500.00

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. Exness South africa is not responsible for any losses that may arise from the use of this analysis.

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Seek BUY Opportunity in XAUUSD: Correction to BULLISH FLAG Area!

XAUUSD Analysis

Improvement in US Durable Goods Orders Data

The USD gained strength after the US durable goods orders data showed a significant increase from -6.9% to 9.9%. This strengthening was followed by a correction in gold prices. However, for now, the prospect of a rate cut by the Fed next month and rising geopolitical tensions in the Middle East are supporting gold prices from further declines.

Pullback to Bullish Flag Area

The bullish flag pattern visible on the H1 time frame remains valid. A pullback has occurred near the flag area. A buy signal can be sought again if a correction occurs towards the entry area near the upper line of the pattern.

Forecast: STRONG XAUUSD

Resistance Levels:

• R1: 2491.44
• R2: 2513.37
• R3: 2523.74
• R4: 2533.80

Support Levels:

• S1: 2440.00
• S2: 2450.00
• S3: 2460.00
• S4: 2470.00

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.

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