The XAU/USD chart is currently displaying notable signs of a potential bearish reversal, with substantial resistance levels acting as significant barriers to further upward movement.
Resistance Levels:
The 1st resistance at 2034.00 is identified as "An Overlap resistance," implying its potential to impede upward price movements. Additionally, the 2nd resistance level at 2053.00 is characterized as "Pullback resistance," indicating its role as a substantial obstacle to further advances.
Support Levels:
On the support side, the 1st support at 2008.00 serves as "Pullback support." This level suggests an area where buying interest may emerge, potentially providing some support to the price. Similarly, the 2nd support at 1991.00 is also classified as "Pullback support," highlighting its significance as a substantial support zone.
