The XAU/USD chart displays bearish momentum, indicating a downward price trend.
There is potential for the bearish movement to continue towards the first support level at 1935.47, which coincides with an area of overlap support and the 50% Fibonacci retracement level. This support level has the potential to provide a pause to the downward movement.
Another significant area of support is the second support level at 1859.67, which aligns with an area of overlap support and the 78.60% Fibonacci retracement level.
On the upside, the first resistance level at 1976.91 acts as an area of overlap resistance that may impede upward movement.
Additionally, the second resistance level at 2066.35 represents another area of overlap resistance that could hinder further upward movement.
