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Home » » XAUUSD Still Offers SELL Opportunities! RESISTANCE AREA Remains Strong!

XAUUSD Still Offers SELL Opportunities! RESISTANCE AREA Remains Strong!

 


XAUUSD Analysis

U.S. Inflation Data Could Influence the Fed

Gold prices remain steady as the market closely monitors U.S. economic data, showing inflation is stagnant. This scenario suggests that the Federal Reserve may tread cautiously when considering rate cuts.

Pullback to Resistance Area

A pullback has occurred towards the resistance area, identified from the ex-up trendline visible on the H1 timeframe. This presents an opportunity to look for SELL setups within this resistance zone.

Prediction: WEAK XAUUSD

Trade Plan:

  • SELL AREA: 2650.84 - 2667.61
  • Stop Loss (SL): 2693.95
  • Take Profit (TP):
    • TP1: 2627.94
    • TP2: 2592.97
    • TP3: 2557.04

Monitor the resistance area closely, as it serves as a key level for potential price rejection. Employ sound risk management and stay updated on U.S. inflation reports that might influence price movements.

Happy Trading!

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