The XAU/USD pair is currently exhibiting a bearish trend, with the potential for a further decrease towards the first support level at 1952.53, a strong multi-swing low support. The second support is at 1934.45, an overlap support that has historically functioned as both resistance and support. On the other hand, if prices rise, the first resistance level is at 1980.95, a pullback resistance that has historically triggered price reversals. Similarly, the second resistance at 1999.89 also acts as a pullback resistance, potentially capping further price rises. Additionally, there is an intermediate resistance at 1959.13, significant due to its alignment with the 78.6% Fibonacci retracement level.
