XAUUSD Forex Analysis for Today – Monday (13-05-2024)
www.forexeducation.forexsahara.comPotential BUY Opportunity for XAUUSD: Possibility of a BULLISH WEDGE Pattern
XAUUSD Analysis
Gold Strengthens Due to Fed Interest Rate Expectations and Geopolitics
Gold prices are strengthening due to the increasing expectations of interest rate cuts by the Fed and geopolitical conditions in the Middle East involving Israel and Hamas.
Potential Bullish Wedge Pattern
There is a potential formation of a bullish wedge pattern on the H1 time frame. Buying opportunities can be sought if this pattern is confirmed, and it would be stronger if followed by a breakthrough above the resistance area.
Prediction: STRONG XAUUSD
Resistance Levels
- R1 2380.86
- R2 2347.05
- R3 2391.16
- R4 2402.58
Support Levels
- S1 2347.05
- S2 2380.86
- S3 2338.54
- S4 2321.74
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