XAUUSD Market Analyzing Fibonacci’s Role in Resistance

Welcome back, dear traders. Today, we bring you the technical analysis of the XAUUSD market. Let’s dive right into the analysis without further delay.

XAUUSD Market Analyzing Fibonacci's Role in Resistance

XAUUSD Market Technical Analysis | Fibonacci Factors in Resistance and Retracement:

📈 XAUUSD, on the H4 chart, recently challenged the critical resistance level at 2375, perfectly coinciding with the golden Fibonacci ratio. Concurrently, the RSI oscillator indicates a bearish divergence, amplifying the bearish outlook for Gold:

🔼 Should the price successfully surpass the 2375 resistance, the subsequent target lies at 2400; 🔽 Conversely, in the event of a corrective move, the price could retrace towards 2335, accompanied by the 38.3 Fibonacci retracement level.

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