XAUUSD Analysis
Ongoing USD Strength
Gold prices remain under pressure as the USD continues to strengthen, coupled with reduced expectations for a 50-basis-point rate cut by the Fed. Currently, 81% of market participants predict that the Fed will only cut rates by 25 basis points next month.
Symmetrical Triangle on H1
A symmetrical triangle pattern has formed on the H1 time frame, with a pullback occurring towards the lower line of the pattern.
Prediction: WEAK XAUUSD
Trade Plan:
- SELL AREA: 2610.22 - 2615.95
- SL: 2625.21
- TP1: 2601.65
- TP2: 2590.49
- TP3: 2579.29