The XAU/USD chart shows bearish momentum with potential downside towards the 1st support at 1962.37, coinciding with the 127.20% Fibonacci Extension. The 2nd support at 1946.66 aligns with the 161.80% Fibonacci Extension, reinforcing its support.
On the resistance side, the 1st resistance at 1992.33 is likely to create selling pressure, while the 2nd resistance at 2006.32 presents an obstacle to upward movement.
