will be further opportunities for recovery during the day

XAUUSD
Spot Gold Despite retail sales data falling short of expectations, there was a rebound compared to the previous figures. Subsequently released economic data also indicated the resilience of the economy. After a brief surge, gold quickly retreated, with the current downward momentum finding temporary support near 1987. The hourly trend has gradually recovered from oversold levels, and it is worth monitoring whether there will be further opportunities for recovery during the day. On the upside, attention should be given to the resistance level around 2000. In terms of downside direction, 1975 is a key support level in the near term, and if gold continues to decline, the downward risk in the larger trend may intensify.
At the same time, the sustained upward movement of gold in the previous period may have accumulated a significant number of long positions in the market. Under the catalyst of data or events, there is a risk of forced liquidation of long positions, which could exacerbate short-term downward pressure and result in a "slow rise, sharp fall" scenario. Therefore, for long positions, if there is a rapid decline in the near term, it is advisable to wait for the trend to stabilize before seeking entry opportunities and to implement proper stop-loss measures while paying attention to risk control.
Reference Levels:
2040 Resistance level
2029-2033 Important resistance
2022 Strong resistance within the week
2015 Starting point of Tuesday evening's decline
2000 Psychological level, support-turned-resistance
1987 Support level indicated by retail sales data
1975-1980 Extreme low-level support on the weekly chart
1962 Support level