In the four-hour chart of XAUUSD (Gold), the market's downward momentum has increased. However, it is expected that the price of gold will retrace towards the first resistance level and then continue the recent downward rally.
Key levels:
The market's intermediate support level is at a rate of $2021.39. The first support level is at a rate of $2015.82, and there is a possibility of buyers entering around this rate. The second support level is at $2006.25.
The first resistance level for gold is at a rate of $2038.42, which can limit upward movements. The second resistance level is formed at a rate of $2056.19.
Key levels:
The market's intermediate support level is at a rate of $2021.39. The first support level is at a rate of $2015.82, and there is a possibility of buyers entering around this rate. The second support level is at $2006.25.
The first resistance level for gold is at a rate of $2038.42, which can limit upward movements. The second resistance level is formed at a rate of $2056.19.
Trade closed: target reached