For XAU/USD (Gold/US Dollar), there's a potential bearish reversal scenario indicated by the following key levels:
Resistance Levels:
The 1st resistance level at 2038.37 is identified as "An Overlap resistance," suggesting a significant barrier where selling pressure could intensify, potentially leading to a reversal in the price trend.
The 2nd resistance level at 2050.15 is described as "Pullback resistance," indicating another level where sellers might be active, reinforcing the bearish sentiment.
Support Levels:
The 1st support level at 2012.44 is recognized as "Multi-swing low support," implying a level where buying interest may emerge, potentially providing a floor for the price decline.
The 2nd support level at 2003.01 is noted as "Pullback support," suggesting another area where buyers could enter the market, potentially limiting further downward movement.
