Gold (XAU/USD) has been exhibiting bullish momentum and has been in an upward trend for a considerable period of time. The chart's overall momentum is bullish, with the current price situated above a significant ascending trend line. This indicates the potential for further bullish momentum.
Regarding the possible price action, there is a likelihood of Gold continuing its bullish momentum towards the first resistance level at 2006.63. This resistance level is considered good as it is an overlap resistance. If the price succeeds in surpassing this level, the next resistance level to watch out for is at 2033.73, which is a swing high resistance.
On the flip side, there are two support levels that can serve as good references. The first support level is at 1985.77, which is an overlap support level, and is in sync with the 50% Fibonacci retracement level. The second support level is at 1947.64, which is a multi-swing low support level.
