Gold is exhibiting strong bullish momentum, indicating the possibility of a bullish break through the 1st resistance level and a rise towards the 2nd resistance level. The overall bias is bullish, with the price above an ascending trend line, suggesting further bullish momentum.
The 1st support level stands at 2003.00, serving as a pullback support. This level is significant due to its past performance in providing support, and it is expected to continue to do so.
Moving upwards, the 1st resistance level is at 2023.00, which is a swing high resistance. This level is particularly important as it coincides with the 138.20% Fibonacci extension, adding further weight to its potential as a resistance level. A break through this level may trigger an increase in the price towards the 2nd resistance level at 2067.00.
The 2nd resistance level is a swing high resistance and coincides with the 78.60% Fibonacci expansion. This level has been influential in the past, and it is anticipated to provide resistance once again.
