XAUUSD Analysis on the H1 Chart - 23/08/2024
- Gold prices dropped following the release of the U.S. preliminary PMI for August. The Presidents of the Boston and Philadelphia Federal Reserve Banks indicated that it might soon be appropriate to start lowering interest rates gradually for the upcoming cuts. Selling pressure remains above the 2,500 level, while buying interest is evident below this level.
- Gold prices are likely to continue fluctuating until the Fed’s policy direction becomes clearer.
- XAUUSD has retreated from its record high, coinciding with the 100% Fibonacci extension and the upper boundary of the rising channel. If XAUUSD extends its decline below the 2,500 resistance level, prices could test 2,450. Conversely, if XAUUSD breaks above 2,500, prices may rise to 2,530.
- Gold prices are likely to continue fluctuating until the Fed’s policy direction becomes clearer.
- XAUUSD has retreated from its record high, coinciding with the 100% Fibonacci extension and the upper boundary of the rising channel. If XAUUSD extends its decline below the 2,500 resistance level, prices could test 2,450. Conversely, if XAUUSD breaks above 2,500, prices may rise to 2,530.
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