XAU/USD currently has a neutral momentum, indicating a lack of a clear trend direction. In the short term, the price is anticipated to move between the 1st resistance and support levels.
The 1st support level is positioned at 1973.91 and has previously acted as a multi-swing low support level, thus making it a significant level to monitor. Additionally, it aligns with a 23.6% Fibonacci retracement, providing further confirmation to the support level.
If the price were to fall below this support level, the subsequent support level to watch would be the 2nd support at 1949.57. This level has also previously served as a multi-swing low support level and coincides with a 38.2% Fibonacci retracement, signifying its strength as a level of support.
Regarding resistance levels, the 1st resistance level is at 2010.11 and has acted as a swing high resistance. If the price manages to surpass this level, it could initiate a bullish acceleration towards the 2nd resistance level at 2031.48. This level is a pullback resistance, which implies that it is an essential level to observe as sellers may enter the market at this point.
