XAUUSD Daily Analysis: Key Levels to Watch for Potential Rebound

The analysis for the XAUUSD chart on the 1D (daily) timeframe shows that the price of gold is currently moving within a stable upward channel, marked by parallel blue lines forming the channel’s support and resistance. The price action indicates a strong bullish trend throughout 2024, with significant upward pressure.

Currently, the price has retraced from the recent highs, approaching the monthly pivot area (Coptah Monthly P) around 2,703.178 USD. If this support holds, there is potential for a rebound toward the next resistance levels, which are Coptah Monthly R1 at 2,801.968 USD and Coptah Monthly R2 at 2,888.958 USD.

However, if the price breaks below the pivot area, the next major support is at Coptah Monthly S1 at 2,616.186 USD. A further decline could push the price down to 2,576.725 USD, which is a critical zone to watch for either a potential reversal or a continuation of the bearish trend.

This analysis highlights the importance of monitoring the price reaction at these key levels to determine the next possible direction, either as buying opportunities at support or confirming a bearish outlook if the major support levels are breached.

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