FX.co ★ XAUUSD H4 | Bouncing off support level?

XAU/USD holds bullish momentum, targeting the 1st resistance. The 1st support at 1946.66 is a significant overlap support, coinciding with the 161.80% Fibonacci Extension level, forming a strong buying zone. The 2nd support at 1932.50 acts as a pullback support, enhancing the support area.

Resistance is expected at the 1st resistance of 1962.37, a pullback resistance likely to trigger selling pressure. The 2nd resistance at 1976.78, another pullback resistance, adds to potential areas of price resistance in its bullish journey.