XAUUSD, DAY | POTENTIAL BREAKOUT 1ST SUPPORTL?

Gold (XAU/USD) has been exhibiting a bullish trend, with an overall momentum that is also bullish. Based on the chart, the price has the potential to make a bullish rebound off the first support level and then move towards the first resistance.

The first support level, which is at 1948.51, is a strong overlap support level that has been tested multiple times and has acted as a support level in the past. Therefore, it is a good level for a potential bounce.

Another support level is located at 1881.07, which is also an overlap support level. It has been tested several times and has held as a support level, making it another level for a potential bounce.

Meanwhile, the first resistance level at 2000.00 is a multi-swing high resistance level that has been significant in the past. Additionally, it is located at the 127.20% Fibonacci Extension level, which provides additional confluence to the level.

Another resistance level is at 2070.00, which is a swing high resistance level. This level has also been important in the past, making it another level for traders to observe.

Analysis are provided by InstaForex

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