XAUUSD: Analysis and conclusion of today's strategy
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Today, XAUUSD continues to receive support from the EMA 34. The price has experienced a strong volatility, breaking away from the psychological level of $2080. So, what are the reasons and factors driving this yellow metal?
In terms of influencing factors, the price of gold has been supported by market expectations of the Fed potentially starting a rate-cutting cycle in June.
Regarding the new prospects for XAUUSD, with the possibility of forming a DOW, I expect the price to retest the Fibonacci 0.618 level at $2111, as there is potential resistance at $2165 that could reinforce this correction. It is anticipated that the price will recover after this corrective phase.
Today, XAUUSD continues to receive support from the EMA 34. The price has experienced a strong volatility, breaking away from the psychological level of $2080. So, what are the reasons and factors driving this yellow metal?
In terms of influencing factors, the price of gold has been supported by market expectations of the Fed potentially starting a rate-cutting cycle in June.
Regarding the new prospects for XAUUSD, with the possibility of forming a DOW, I expect the price to retest the Fibonacci 0.618 level at $2111, as there is potential resistance at $2165 that could reinforce this correction. It is anticipated that the price will recover after this corrective phase.
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