XAUUSD Forex Analysis for Today, Wednesday (01-11-2023)
Decline in XAUUSD Stalls at Support, Potential Rebound
XAUUSD Analysis – The strengthening of the US dollar ahead of this week’s Fed meeting is affecting the movement of XAUUSD. XAUUSD has corrected downwards but has been held at the support area.
Today’s Trading Strategy:
- There is an opportunity to BUY XAUUSD today as long as it does not break below the range of 1979.04 – 1975.41, with the potential to rise to the area of 1990.30 – 1995.08.
Alternative Scenario:
- If the support area at 1979.04 – 1975.41 is breached, it may push XAUUSD down to the range of 1967.27 – 1960.82.
Resistance Levels:
- R1: 1995.08
- R2: 2011.06
- R3: 2026.89
Support Levels:
- S1: 1975.41
- S2: 1960.82
- S3: 1951.87
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