XAU/USD: Navigating Sideways Action for a Potential Downside Swing

Market Overview and Technical Structure

Currently, XAU/USD is trading at 2917.55, having seen a modest decrease of -0.08% over the past 24 hours. The daily range is quite tight, spanning from 2913.87 to 2921.23, which reinforces the prevailing sideways trend we have observed. From a technical standpoint, the immediate resistance level stands at 2921.23, which is the day's high, with further resistance at 2950. On the downside, immediate support is found at 2913.87, the day's low, followed by stronger levels at 2850 and