The XAU/USD (Gold/US Dollar) chart currently shows a bearish momentum, indicating the potential for a bearish continuation towards the 1st support level at 1947.23. This support level aligns with an overlap support, suggesting it could serve as a substantial area of price support. Additionally, the presence of a 2nd support at 1932.26, identified as a pullback support, further reinforces its potential as a support level. On the resistance side, the 1st resistance at 1984.47 is characterized as a multi-swing high resistance level, indicating it could be a significant obstacle to upward price movement. Furthermore, the 2nd resistance at 2003.60 is identified as a swing high resistance, adding to the potential resistance in this area. An intermediate support level is also observed at 1957.29, aligning with an overlap support, providing an additional layer of potential support for price.
The material has been provided by InstaForex Company – www.instaforex.com
The XAU/USD (Gold/US Dollar) chart currently shows a bearish momentum, indicating the potential for a bearish continuation towards the 1st support level at 1947.23. This support level aligns with an overlap support, suggesting it could serve as a substantial area of price support. Additionally, the presence of a 2nd support at 1932.26, identified as a pullback support, further reinforces its potential as a support level. On the resistance side, the 1st resistance at 1984.47 is characterized as a multi-swing high resistance level, indicating it could be a significant obstacle to upward price movement. Furthermore, the 2nd resistance at 2003.60 is identified as a swing high resistance, adding to the potential resistance in this area. An intermediate support level is also observed at 1957.29, aligning with an overlap support, providing an additional layer of potential support for price.
The material has been provided by InstaForex Company – www.instaforex.com
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