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22.03.2023 07:39 AM
XAUUSD H4 | Potential Bullish Reversal?

There is a possibility of a bullish bounce for gold from the first support level at $1933, followed by a potential move towards the first resistance level at $1957. The $1933 level is an overlap support and is closely aligned with the 38.20% Fibonacci retracement, making it a robust support level. However, the $1957 level is an overlap resistance that may present a challenge for gold if it approaches that level. The next resistance level is located at $2007, which is a swing high resistance.

On the downside, if gold fails to sustain above the $1933 support level, it may potentially drop towards the $1911 support level, which is also an overlap support and coincides with the 50% Fibonacci retracement. A breakdown below this level could result in further bearish momentum.

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Dean Leo,
Analytical expert of InstaForex
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