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09.11.2023 05:51 AM
XAUUSD H4 | Bouncing off support level?

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XAU/USD holds bullish momentum, targeting the 1st resistance. The 1st support at 1946.66 is a significant overlap support, coinciding with the 161.80% Fibonacci Extension level, forming a strong buying zone. The 2nd support at 1932.50 acts as a pullback support, enhancing the support area.

Resistance is expected at the 1st resistance of 1962.37, a pullback resistance likely to trigger selling pressure. The 2nd resistance at 1976.78, another pullback resistance, adds to potential areas of price resistance in its bullish journey.

Dean Leo,
Analytical expert of InstaForex
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