FX.co ★ XAUUSD, Day | Bounce off from 1st support?

The current XAU/USD chart shows bullish momentum, indicating that the price could drop in the short term towards the 1st support level at 1997.12. This level is a robust overlap support and also corresponds to the 23.6% Fibonacci retracement level. In case the price breaks below this support, it may further decline towards the 2nd support at 1954.89, which is also an overlap support and corresponds to the 38.2% Fibonacci retracement level.

On the other hand, the 1st resistance level is at 2070.59, which is a significant swing high resistance. If the price manages to break above this level, it could trigger a potential rise towards the intermediate resistance at 2047.69, which is also a swing high resistance. In summary, the chart's bullish momentum suggests that the price may drop towards support levels in the short term before rebounding and potentially surging towards resistance levels.