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XAUUSD H4 | Potential bearish reversal?
23:04 2023-09-14 UTC--5

The XAU/USD (Gold/US Dollar) chart currently shows a bearish trend influenced by factors like a major descending trendline. This suggests that bearish momentum is dominant, and the price may potentially drop from the 1st resistance level to the 1st support level at 1901.14. This support is significant due to its overlap nature and further supported by the 78.60% Fibonacci Retracement and Projection. The 2nd support at 1888.10 is a strong multi-swing low support.

On the resistance side, the 1st resistance at 1913.49 is an overlap resistance with reinforcement from the 38.20% Fibonacci Retracement. The 2nd resistance at 1931.97 also acts as an overlap resistance, potentially hindering further upward movement.


    






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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.