The XAU/USD chart exhibits bearish momentum, indicating a downward price trend. The presence of a major descending trend line contributes to this momentum. The potential for a bearish continuation exists towards the first support level at 1937.01, which has previously acted as a support level. The second support level at 1912.92 adds further significance as an overlap support level. On the upside, the first resistance at 1965.15 is a multi-swing high resistance level, while the second resistance at 1981.70 is an overlap resistance level. These levels may impede upward price movement.
The material has been provided by InstaForex Company – www.instaforex.com
The XAU/USD chart exhibits bearish momentum, indicating a downward price trend. The presence of a major descending trend line contributes to this momentum. The potential for a bearish continuation exists towards the first support level at 1937.01, which has previously acted as a support level. The second support level at 1912.92 adds further significance as an overlap support level. On the upside, the first resistance at 1965.15 is a multi-swing high resistance level, while the second resistance at 1981.70 is an overlap resistance level. These levels may impede upward price movement.
The material has been provided by InstaForex Company – www.instaforex.com
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