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XAUUSD, Fibonacci Analysis
3/2/2023 2:09 PMXAU/USD, H4
On the four-hour chart, the XAU/USD pair attempted an upward correction from the February lows (1807.85), tested the level of 1842.10 (23.6% retracement), but could not consolidate higher and resumed the decline. With a breakdown of the middle line of the Bollinger Bands in the area of 1825.20, quotes will be able to return to the starting point of growth at 1807.85. The level of 1842.10 remains key for the "bulls", its breakout will ensure the continuation of movement to the area of 1863.30 (38.2% retracement), but at the same time quotes may meet additional resistance of the descending fan.
Technical indicators do not give a single signal: the Bollinger Bands are directed upwards, the Stochastic is directed downwards, and the MACD histogram is shrinking in the positive zone.
XAU/USD, D1
On the daily chart, the price tried to break below the 1827.00 mark (38.2% retracement), but has not been able to do so yet, having met the 38.2% ascending fan line on the way. Currently, the price is trying to resume growth and if the middle line of the Bollinger Bands in the area of 1873.45 is broken out, it will be able to continue moving to the levels of 1873.50 (23.6% retracement) and 1950.00 (0.0% retracement). A reverse breakdown of the level of 1827.00 will give the prospect of resuming the decline to the levels of 1789.50 (50.0% retracement), 1752.00 (61.8% retracement).
Technical indicators do not give a single signal: the Bollinger Bands are directed downwards, the Stochastic is directed upwards, and the MACD histogram is shrinking in the negative zone.
Support and resistance
In general, the potential for the development of a downward movement is still preserved. With a breakdown of the level of 1825.20 (the middle line of the Bollinger Bands, H4; 38.2% retracement, D1), the reduction targets will be the levels 1807.85 (0.0% retracement, H4), 1789.50 (50.0% retracement for D1), 1752.00 (61.8% retracement, D1). Consolidation of the price above the level of 1843.75 (the middle line of the Bollinger Bands, D1; 23.6% retracement, H4) will give the prospect of resuming growth to the area of 1863.30 (38.2% retracement, H4) and 1873.50 (23.6% retracement, D1).
Resistance levels: 1843.75, 1863.30, 1873.50. | Support levels: 1825.20, 1807.85, 1789.50, 1752.00.