XAUUSD Analysis
Fed Rate Expectations Pressure Gold
Gold prices have seen a significant correction due to the reduced expectations of a large Fed rate cut. According to the CME FedWatch Tool, currently, 88.8% of market participants believe the Fed will only cut rates by 25 basis points in November.
Support Break, Break of Structure
Support has been broken on the H1 time frame, indicating a potential break of structure (BoS). This former support level now acts as resistance and serves as a reference for finding sell opportunities.
Prediction: WEAK XAUUSD
Trade Plan:
- SELL AREA: 2621.31 - 2627.73
- SL: 2635.78
- TP1: 2613.22
- TP2: 2602.05
- TP3: 2590.49