The XAU/USD is positioned for a potential bullish bounce, with key support levels identified that may influence its upward trajectory. The 1st support at 2005.70, classified as "An Overlap support," carries a strong implication that a price rebound could occur if this level holds. The 2nd support is at 1990.26, also supported by "An Overlap support." The convergence of multiple indicators or factors at this level enhances its role as a robust support zone, further strengthening the potential for a bearish reversal
On the upside, the 1st resistance at 2015.01 is characterized as "Multi-swing high resistance." Historically, this level has acted as a significant obstacle to upward price movements in gold, potentially serving as a point of reversal.
