The XAU/USD chart currently shows a bullish overall momentum, indicating a strong upward trend in the market. This bullish sentiment is supported by the fact that the price is above a major ascending trend line, suggesting the potential for further bullish momentum in the future.
Given this bullish trend, the price of XAU/USD may potentially experience a bullish bounce off the 1st support level at 1932.16 and continue its upward movement towards the 1st resistance level at 1944.08. The 1st support level gains significance from its alignment with a 61.80% Fibonacci projection and a 78.60% Fibonacci retracement, indicating Fibonacci confluence, making it a crucial area for potential buying interest.
Additionally, there is a 2nd support level at 1913.26, identified as an overlap support, providing further potential support during price declines. On the other hand, the 1st resistance level at 1944.08 could act as a significant barrier to further upward movement. Moreover, a 2nd resistance level at 1953.51, identified as an overlap resistance, may exert additional resistance pressure on the price.
