The XAU/USD chart is currently demonstrating a bullish momentum, indicating an upward trend. This could potentially lead to a continuation of the bullish movement towards the initial resistance level. The importance of the initial support at 1913.34 lies in its identification as an overlap support, which is notably reinforced by its alignment with a 161.80% Fibonacci Extension and a 78.60% Fibonacci Projection – showcasing a strong Fibonacci confluence. Adding to the supportive structure, a secondary support at 1895.98 is recognized as a swing low support. Conversely, the initial resistance level at 1932.16 holds significance as an overlap resistance. Furthermore, the presence of a secondary resistance at 1944.01, also categorized as an overlap resistance, emphasizes its potential role in influencing future price movements.
The material has been provided by InstaForex Company – www.instaforex.com
The XAU/USD chart is currently demonstrating a bullish momentum, indicating an upward trend. This could potentially lead to a continuation of the bullish movement towards the initial resistance level. The importance of the initial support at 1913.34 lies in its identification as an overlap support, which is notably reinforced by its alignment with a 161.80% Fibonacci Extension and a 78.60% Fibonacci Projection – showcasing a strong Fibonacci confluence. Adding to the supportive structure, a secondary support at 1895.98 is recognized as a swing low support. Conversely, the initial resistance level at 1932.16 holds significance as an overlap resistance. Furthermore, the presence of a secondary resistance at 1944.01, also categorized as an overlap resistance, emphasizes its potential role in influencing future price movements.
The material has been provided by InstaForex Company – www.instaforex.com
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