XAUUSD GOLD Price Action

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XAUUSD

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On the 4-hour gold chart, bearish momentum is increasing. It is expected that the price of gold will decrease in response to the first resistance and reach the first support. Also, a downward divergence can be seen in the RSI indicator, which is a confirmation of the downward return of the market.

Key Levels:
Intermediate support for an ounce of gold is at $1,932.45.
The first support is located at $1947.47 and there is a possibility of increased buying pressure around this rate. The second support is at 1901 and 1885.88.

The first resistance is formed at 1950.04