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03.01.2024 05:05 AM
XAU/USD H4 I Bearish Reversal

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The XAU/USD chart is currently showing signs of a potential bearish reversal, with significant resistance and support levels in play.

Resistance Levels:

The 1st resistance level at 2077.64 is identified as "Swing high resistance." This level indicates a notable barrier to further upward price movement and is an essential consideration for traders. Beyond this, the 2nd resistance at 2089.83 is characterized as "Multi-swing high resistance," emphasizing its role as a significant resistance zone.

Support Levels:

On the support side, the 1st support level at 2048.41 is labeled as "An Overlap support." This level suggests a zone where buying interest may emerge, potentially facilitating a bounce or price stabilization. Further below, the 2nd support at 2015.69 is also supported by "An Overlap support," indicating the convergence of multiple factors, strengthening its position as a substantial support zone.

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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