FX.co ★ XAU/USD H4 | Bearish Drop

XAU/USD (Gold/US Dollar), a potential bearish reversal scenario is outlined as follows:

Resistance Levels:

The 1st resistance level at 2024.72 is identified as "Pullback resistance," indicating a significant level where selling pressure may emerge as the price retraces from recent gains.

The 2nd resistance level at 2039.05 is described as "An Overlap resistance," suggesting an additional barrier to upward movement.

Support Levels:

The 1st support level at 2012.99 is noted as "An Overlap support," indicating a significant level where buying interest may emerge due to historical price activity overlapping around this level.

The 2nd level is at 2001.92, identified as "An Overlap support" as well. Similar to the first support level, this level represents another area where historical price action indicates potential buying interest