XAUUSD H4 I Continue to Support?

The XAU/USD chart currently has a bearish momentum, indicating a potential move towards the 1st support at 1946.66, an overlap support with historical significance. The 2nd support at 1932.50 reinforces the potential buying zone as a pullback support. The 1st resistance at 1964.79, an overlap resistance coinciding with the 38.20% Fibonacci Retracement level, may impede upward movement. The 2nd resistance at 1976.78 acts as a pullback resistance, potentially adding to selling pressure during the bearish continuation.

Analysis are provided by InstaForex

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