The XAU/USD chart currently has a bearish momentum, indicating the potential for a bearish reaction at the 1st resistance level, followed by a drop towards the 1st support level. The 1st support at 1904.44 is significant as it aligns with a pullback support, and the 2nd support at 1885.88 also serves as a pullback support, further reinforcing potential price support. On the resistance side, the 1st resistance at 1945.97 is characterized as an overlap resistance and aligns with the 161.80% Fibonacci Retracement level. Additionally, there’s a 2nd resistance at 1071.00, identified as a swing high resistance
The material has been provided by InstaForex Company – www.instaforex.com
The XAU/USD chart currently has a bearish momentum, indicating the potential for a bearish reaction at the 1st resistance level, followed by a drop towards the 1st support level. The 1st support at 1904.44 is significant as it aligns with a pullback support, and the 2nd support at 1885.88 also serves as a pullback support, further reinforcing potential price support. On the resistance side, the 1st resistance at 1945.97 is characterized as an overlap resistance and aligns with the 161.80% Fibonacci Retracement level. Additionally, there’s a 2nd resistance at 1071.00, identified as a swing high resistance
The material has been provided by InstaForex Company – www.instaforex.com
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