The XAU/USD chart currently shows a bearish momentum, indicating a potential downward trend. There's a possibility of a bearish continuation towards the 1st support level. This level at 1931.97 acts as a pullback support, while the 2nd support at 1913.49 aligns with the 61.80% Fibonacci Retracement, reinforcing its significance. On the resistance side, the 1st resistance at 1943.88 is an overlap resistance, reflecting past resistance points. The 2nd resistance at 1953.55 is also an overlap resistance, aligned with the 78.60% Fibonacci Retracement, making it an important level for potential price reactions.
