Bullish outlook on XAUUSD - 31 March 2023
Price is consolidating between a key resistance zone at 1988.50 and a key support zone at 1936.80, forming a bullish pennant on the H4 timeframe. A break above the resistance zone at 1988.50, in line with the 78.6% Fibonacci extension level and graphical high, could provide the bullish acceleration to the next resistance zone at 2052.20, in line with the 161.8% Fibonacci extension. Price is holding above the Ichimoku cloud as well, supporting our bullish bias.