empty
 
 
23.06.2023 06:28 AM
XAUUSD ,H4 | Bearish Continuation Expected ?

This image is no longer relevant

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

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback