empty
 
 
18.09.2023 05:42 AM
XAUUSD Day | Potential bearish reversal?

This image is no longer relevant

The XAU/USD chart showcases a dominant bearish trend, emphasized by its movement within a bearish descending channel. Price could possibly react bearishly at the 1st resistance of 1944.27 and then move towards the 1st support at 1889.00. This support is significant due to its overlap nature and association with the -27% Fibonacci Expansion. The 2nd support, 1859.31, correlates with the 78.60% Fibonacci Retracement, enhancing its importance. Regarding resistance, the 1st level, 1944.27, is crucial, marked by a Fibonacci confluence of 61.80% Retracement and Projection. The 2nd resistance stands at 1081.79, identified as an overlap resistance, consistent with the chart's overall bearish inclination.

Dean Leo,
Analytical expert of InstaForex
© 2007-2026
Summary
Urgency
Analytic
Dean Leo
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In August we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback