The XAU/USD chart is currently indicating potential signs of a bullish momentum, as it approaches a key resistance level.
Resistance Levels:
The 1st resistance at 2,088.19 is categorized as a "Pullback Resistance" indicating its potential to hinder upward price movements. Beyond this, the 2nd resistance at 2,144.72 is identified as "Swing-high Resistance" emphasizing its role as a substantial barrier to further advances.
Support Levels:
On the support side, the 1st support at 2,047.18 is recognized as an "Overlap Support". This level suggests a zone where buying interest may emerge, potentially providing some support to the price. Additionally, the 2nd support at 2,016.85 is also characterized by an "Overlap Support", reinforcing its significance as a substantial support zone.
