The XAU/USD chart has been experiencing a bearish momentum, indicating seller dominance in the market. The price may continue to decline towards the first support level, which is an overlap support level at 2009.99 and coincides with the 78.60% Fibonacci retracement level. The second support level is at 1977.35, which is a multi-swing low support level.
On the other hand, the first resistance level is at 2043.95, which is a pullback resistance level and coincides with the 61.80% Fibonacci retracement level. The second resistance level is at 2068.40, which is a swing high resistance level. If the price breaks through the first resistance level, it may potentially rise towards the second resistance level. However, the overall bias remains bearish, with a continuation of the downward trend towards the support levels being more likely.
An intermediate support level at 2024.98, which is an overlap support level coinciding with the 38.20% Fibonacci retracement level, could provide a temporary pause in the downward trend
The material has been provided by InstaForex Company – www.instaforex.com
The XAU/USD chart has been experiencing a bearish momentum, indicating seller dominance in the market. The price may continue to decline towards the first support level, which is an overlap support level at 2009.99 and coincides with the 78.60% Fibonacci retracement level. The second support level is at 1977.35, which is a multi-swing low support level.
On the other hand, the first resistance level is at 2043.95, which is a pullback resistance level and coincides with the 61.80% Fibonacci retracement level. The second resistance level is at 2068.40, which is a swing high resistance level. If the price breaks through the first resistance level, it may potentially rise towards the second resistance level. However, the overall bias remains bearish, with a continuation of the downward trend towards the support levels being more likely.
An intermediate support level at 2024.98, which is an overlap support level coinciding with the 38.20% Fibonacci retracement level, could provide a temporary pause in the downward trend
The material has been provided by InstaForex Company – www.instaforex.com
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