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

This image is no longer relevant

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
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 $5000 more!
    In November we raffle $5000 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