The XAUUSD chart shows a bearish trend, indicating potential downward price movement towards the 1st support at 1935.01, a pullback support. Should the price breach this, it may drop further to the 2nd support at 1891.41, a swing low support. These levels might trigger buying interest, leading to a possible price rebound. Conversely, upward movement may face resistance at 1979.68, a level marked by Fibonacci confluence, and further at 2048.81, a multi-swing high resistance. These resistance levels may restrict price increase and initiate a selling response.
The material has been provided by InstaForex Company – www.instaforex.com
The XAUUSD chart shows a bearish trend, indicating potential downward price movement towards the 1st support at 1935.01, a pullback support. Should the price breach this, it may drop further to the 2nd support at 1891.41, a swing low support. These levels might trigger buying interest, leading to a possible price rebound. Conversely, upward movement may face resistance at 1979.68, a level marked by Fibonacci confluence, and further at 2048.81, a multi-swing high resistance. These resistance levels may restrict price increase and initiate a selling response.
The material has been provided by InstaForex Company – www.instaforex.com
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