30.11.2023 05:38 AM
XAU/USD Day I Potential bearish reversal?

This image is no longer relevant

The XAU/USD is currently positioned for a potential bearish reversal, The chart is currently encountering major resistance levels, suggesting a potential bearish reversal.

The 1st resistance at 2050.34 is identified as a multi-swing high resistance. This implies that it's a significant barrier where selling interest could intensify, potentially triggering a reversal in the XAU/USD (Gold) market.

The 2nd resistance at 2079.54 is also noted as a swing high resistance, further reinforcing the potential resistance factors for the precious metal.

On the support side,

The 1st support at 2005.70 is categorized as a pullback support. This suggests that it's a significant level where buying interest may emerge, potentially providing some support for XAU/USD.

The 2nd support at 1951.77 is another support level identified as an overlap support. This adds further significance to this support level, indicating it as a potential area where buyers might become active, potentially mitigating the bearish reversal.

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 always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In February we raffle $1000 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.
  • 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.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

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