Technical analysis update for XAUUSD (Gold) based on price action observations in the chart:
Resistance Levels:
The key resistance area lies between $2,757 and $2,762, where price previously reversed from an upward trend.
A stronger resistance is observed near $2,790, marking the recent swing high on the chart.
Support Levels:
The primary support area ranges from $2,731 to $2,736, where price bounced previously.
The next significant support is located around $2,708, which served as a low point and a critical reversal level in the past.
Price Action:
The current trend shows a decline from the high near $2,790, with sellers pushing prices down to the $2,731 support zone.
A break below $2,731 could lead to a test of the $2,708 support level, while holding above this support zone could attract buyers for a potential reversal back to the resistance areas.
Outlook:
Watch for a breakout above $2,757 for bullish continuation, while a breakdown below $2,731 may indicate further bearish momentum.
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