Gold's Daily Chart Analysis: Potential Reversal at Hand
**XAU/USD Daily Chart Analysis**
Looking at the daily chart, gold has cautiously moved higher, surpassing the 38.2% Fibonacci retracement level at 1903.46. This development has shifted the focus towards a descending trendline from earlier this year. This trendline has the potential to re-establish a bearish sentiment, possibly pushing XAU/USD back towards the mid-August low of 1884.89.
However, if the price manages to break above the descending trendline and surpass the 1936.90 inflection zone, it would expose the 23.6% Fibonacci level at 1971.63 as a critical resistance point. Further upward momentum beyond this level could open the door to a revisit of the resistance zone between 2048.79 and 2081.82.
GOLD
SELL 1925- 1926🕯
✔️ TP1: 1920
✔️ TP2: 1915
🚫 SL: 1930
Looking at the daily chart, gold has cautiously moved higher, surpassing the 38.2% Fibonacci retracement level at 1903.46. This development has shifted the focus towards a descending trendline from earlier this year. This trendline has the potential to re-establish a bearish sentiment, possibly pushing XAU/USD back towards the mid-August low of 1884.89.
However, if the price manages to break above the descending trendline and surpass the 1936.90 inflection zone, it would expose the 23.6% Fibonacci level at 1971.63 as a critical resistance point. Further upward momentum beyond this level could open the door to a revisit of the resistance zone between 2048.79 and 2081.82.
GOLD
SELL 1925- 1926🕯 ✔️ TP1: 1920
✔️ TP2: 1915
🚫 SL: 1930
