FX.co ★ XAUUSD, H4 | Bounced off support level?

The current state of the XAU/USD chart reflects a bullish momentum, indicating a predominant upward trend. This momentum has the potential to drive the price towards the initial resistance level at 1930.53, suggesting a potential bullish continuation. The 1st support level at 1912.33 gains significance due to its alignment with both a 127.20% Fibonacci Extension and a 100% Fibonacci Projection, further enhancing its role as an overlap support. Additionally, reinforcement comes from a 2ndary support at 1901.88, identified as a swing low support. In contrast, the 1st resistance level at 1930.53 holds significance as a multi-swing high resistance, which could impede upward movement. The presence of a 2nd resistance level at 1944.01, categorized as an overlap resistance, adds to the potential resistance pressure against upward movements