XAUUSD Forex Analysis for Today, Tuesday (31-10-2023)
XAUUSD Held at Resistance, Potential for Correction
Analysis of XAUUSD – Profit-taking ahead of this week’s the Fed meeting is affecting the movement of XAUUSD. XAUUSD potentially corrects downward towards the support area.
Today’s Trading Strategy:
There’s an opportunity to SELL XAUUSD today as long as it doesn’t break above the range of 2006.71 – 2011.06, with the potential to decline to the range of 1974.77 – 1969.88.
Alternatives:
A breakthrough of the resistance area at 2006.71 – 2011.06 has the potential to push XAUUSD up to the range of 2020.91 – 2026.89.
Resistance Levels:
- R1 2011.06
- R2 2022.91
- R3 2026.89
Support Levels:
- S1 1969.88
- S2 1960.82
- S3 1951.87
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