The XAU/USD chart indicates a bearish momentum as the price breaks below the lower channel line, suggesting a continuation of the previous bearish trend. In the short term, there is a possibility of a price increase towards the first resistance level at 1938.90, followed by a reversal and decline towards the first support level at 1913.47. The first support level holds significance as it represents an overlap support and aligns with the 61.80% Fibonacci Retracement. Additionally, the second support level at 1888.61 serves as another overlap support. On the upside, the first resistance at 1938.90 acts as an overlap resistance, supported by the 50% Fibonacci Retracement. The second resistance at 1953.71 also acts as an overlap resistance. Furthermore, an intermediate resistance at 1924.65 may have an impact on price movements
The material has been provided by InstaForex Company – www.instaforex.com
The XAU/USD chart indicates a bearish momentum as the price breaks below the lower channel line, suggesting a continuation of the previous bearish trend. In the short term, there is a possibility of a price increase towards the first resistance level at 1938.90, followed by a reversal and decline towards the first support level at 1913.47. The first support level holds significance as it represents an overlap support and aligns with the 61.80% Fibonacci Retracement. Additionally, the second support level at 1888.61 serves as another overlap support. On the upside, the first resistance at 1938.90 acts as an overlap resistance, supported by the 50% Fibonacci Retracement. The second resistance at 1953.71 also acts as an overlap resistance. Furthermore, an intermediate resistance at 1924.65 may have an impact on price movements
The material has been provided by InstaForex Company – www.instaforex.com
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