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

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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
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