Considering this bearish scenario, there is a possibility for a continuation of the downward trend towards the first support level at 102.80. This level holds importance as it coincides with a 50% Fibonacci retracement level and acts as an overlap support level.
The XAU/USD (Gold/US Dollar) chart currently shows bearish momentum, indicating a downward trend in the market.
The price is below a major descending trend line, suggesting the presence of bearish momentum.
The DXY (US Dollar Index) chart is currently showing bearish momentum, with the price situated below a major descending trend line. This indicates a higher likelihood of continued downward movement. Under these bearish circumstances, it’s predicted that the price could continue its downward trajectory towards the first support level.
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The XAU/USD chart currently exhibits a bullish momentum, with the price above a major ascending trend line. This implies that there’s potential for further upward movements.
In this bullish context, the price could potentially continue its upward trend towards the first resistance level.
