The XAU/USD chart is currently encountering significant resistance levels, indicating the potential for a bearish reversal.
Resistance Levels:
The 1st resistance level at 2048.73 is characterized as "Pullback resistance." This level serves as a notable barrier to further upward price movement and should be closely monitored by traders. Additionally, the 2nd resistance level at 2067.89 is identified as "An Overlap resistance," signifying its role as a strong resistance zone.
Support Levels:
On the support side, the 1st support level at 2033.71 is classified as "An Overlap support." This level suggests a zone where buying interest may emerge, potentially leading to a bounce or price stabilization. Further down, the 2nd support at 2009.37 is categorized as "Pullback support," reinforcing its position as a significant support zone.
