Gold price is attempting a comeback after two straight days of losses. Will XAU/USD recover ground above 23.6% Fibo level? FXStreet’s Dhwani Mehta analyzes the pair’s technical outlook.
23.6% Fibo support fails, what’s next for XAU/USD?
“Gold bulls are trying their luck looking to clear the key support-turned-resistance of the 23.6% Fibonacci Retracement (Fibo) level of the March advance at $1,963. Acceptance above the latter will initiate a fresh upswing toward the previous day’s high of $1,981, above which the $2,000 level will be eyed.”
“To the downside, immediate support awaits at the $1,950 barrier and the previous day’s low of $1,944. The next cushion is seen at $1,934, which is the 38.2% Fibo level of the same ascent.”
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