XAUUSD Forex Analysis for Today, Friday(05-04-2024)
Potential to SELL XAUUSD Today! Breaking Trend Line!
Daily Analysis XAUUSD
Awaiting Economic Data Release
The US Bureau of Labor Statistics is scheduled to release the latest non-farm payroll report this Friday. Strong employment reports indicate economic resilience, prompting the US central bank to postpone plans to lower interest rates in the near term. This scenario is bullish for the Dollar, putting pressure on Gold.
Break Trend Line, Potential Trend Change
The price failed to break the previous high, has broken the trend line on the H1 timeframe, and there is potential for a change to a downtrend after confirmation of the breakout. Selling potential is available if the breakout is confirmed as long as the price does not exceed the nearest resistance area.
Prediction: WEAK XAUUSD
Resistance
- R1 2300.29
- R2 2286.98
- R3 2307.75
- R4 2315.09
Support
- S1 2286.98
- S2 2300.29
- S3 2274.48
- S4 2267.56
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