The XAUUSD chart currently shows bearish momentum below a descending trend line. Despite this, the price is within a bullish ascending channel, possibly leading to an upward move towards the 1st resistance before a potential reversal. A bearish reaction at the 1st resistance could drive the price down to the 1st support. Notably, the 1st support at 1901.56 serves as an overlap support, while the 2nd support at 1888.11 represents multi-swing low support. On the resistance side, the 1st resistance at 1929.31 is an overlap resistance, coinciding with the 50% and 38.20% Fibonacci Retracements, signifying Fibonacci confluence.
