The XAU/USD (Gold/US Dollar) chart currently shows a bearish trend influenced by factors like a major descending trendline. This suggests that bearish momentum is dominant, and the price may potentially drop from the 1st resistance level to the 1st support level at 1901.14. This support is significant due to its overlap nature and further supported by the 78.60% Fibonacci Retracement and Projection. The 2nd support at 1888.10 is a strong multi-swing low support.
On the resistance side, the 1st resistance at 1913.49 is an overlap resistance with reinforcement from the 38.20% Fibonacci Retracement. The 2nd resistance at 1931.97 also acts as an overlap resistance, potentially hindering further upward movement.
