OANDA:XAUUSD is forming a setup that can accumulate the potential to continue falling. The price is testing local support and forming a rebound before further decline
The global bearish trend continues to develop. The price failed to pass through the 1980 area, forming a false breakout of the resistance area. A downward price channel is formed on the chart, after breaking the trend support the price forms a prolonged consolidation below the support. A descending triangle is formed, which can be interpreted as a dpavlenie prodlavleniya on buyers in the area of 1922. Moving averages show a strong trend and act as resistance. MA-50 confirm the local resistance of the triangle.
Support levels: 1923,5 Resistance levels: 1927.5, triangle resistance In the medium term, I expect a continuation of the fall, but before that there may be a rebound to 1927-1930.