The XAU/USD chart currently shows a bullish momentum, indicating an upward trend. In this context, there’s potential for a bullish rebound at the 1st support (1880.29), possibly driving the price toward the 1st resistance (1981.99). The 1st support’s significance lies in its role as a pullback support, reinforced by its alignment with a 61.80% Fibonacci Projection. Additionally, the 2nd support at 1806.08 acts as an overlap support, strengthening the support structure. Conversely, the 1st resistance (1981.99) is notable as an overlap resistance, suggesting a selling area, and the 2nd resistance (1935.95) reinforces the resistance zone similarly.
The material has been provided by InstaForex Company – www.instaforex.com
The XAU/USD chart currently shows a bullish momentum, indicating an upward trend. In this context, there’s potential for a bullish rebound at the 1st support (1880.29), possibly driving the price toward the 1st resistance (1981.99). The 1st support’s significance lies in its role as a pullback support, reinforced by its alignment with a 61.80% Fibonacci Projection. Additionally, the 2nd support at 1806.08 acts as an overlap support, strengthening the support structure. Conversely, the 1st resistance (1981.99) is notable as an overlap resistance, suggesting a selling area, and the 2nd resistance (1935.95) reinforces the resistance zone similarly.
The material has been provided by InstaForex Company – www.instaforex.com
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