The XAU/USD chart is displaying a strong upward trend, suggesting a possibility of a positive bounce from the first support level and potentially leading to an upward movement towards the initial resistance. The significance of the 1893.07 support is highlighted by its alignment with a 61.80% Fibonacci Retracement, while a second support at 1855.43 strengthens the rebound potential due to its alignment with both a 78.60% Fibonacci Retracement and a 78.60% Fibonacci Projection. Conversely, the primary resistance at 1935.46 is noteworthy as a potential pullback level. Additionally, another resistance at 1981.19 is identified as overlapping, increasing its potential impact on future price movements.
