The XAU/USD chart shows a bearish momentum, indicating a downtrend in the market as evidenced by the price movement within a bearish descending channel.
Potential bearish continuation is expected towards the first support level at 1933.95, which acts as an overlap support. The second support level at 1914.16 further reinforces this bearish scenario.
Conversely, on the upside, the first resistance level at 1966.26 represents a significant multi-swing high resistance. Additionally, the second resistance level at 1980.08 is identified as an overlap resistance.
