The XAU/USD chart is currently displaying a neutral momentum and the price could potentially fluctuate between the 1st support and the 1st resistance.
Resistance Levels:
The 1st resistance at 2,049.00 is categorized as a "Pullback Resistance", indicating its potential to deter upward price movements. Additionally, the 2nd resistance at 2,089.12 is also categorized as a "Pullback Resistance", emphasizing its role as a substantial barrier to further advances.
Support Levels:
On the support side, the 1st support at 2,016.91 is recognized as an "Overlap Support". This level suggests a zone where buying interest may emerge, potentially providing support to the price. Furthermore, the 2nd support at 1,974.66 is also characterized by a "Swing-low Support", reinforcing its significance as a substantial support zone.
