This chart represents the EUR/USD daily price action, highlighting key technical levels and indicators:

Key Observations:
Downtrend Channel:

The pair remains within a descending channel, with lower highs and lower lows.
Price recently dropped sharply, approaching the lower boundary of the channel around 1.0177.
Exponential Moving Averages (EMAs):

The 9-day EMA (1.03706) and 14-day EMA (1.03742) suggest bearish momentum as the price is trading below both.
Support & Resistance Levels:

Immediate Support: 1.0177 (lower boundary of the channel).
Stronger Support: 0.9730 (previous major low).
Immediate Resistance: 1.0370 - 1.0374 (EMA levels).
Key Resistance: 1.0630 (upper boundary of the channel).
RSI (Relative Strength Index):

Currently at 35.83, nearing the oversold zone (3, indicating potential exhaustion in selling pressure.
Outlook & Potential Scenarios:
Bearish Continuation:
A breakdown below 1.0177 could lead to a test of 0.9730, confirming further downside momentum.
Bullish Reversal:
If buyers defend 1.0177, a rebound towards 1.0370-1.0374 is possible, with further resistance at 1.0630.
Oversold Bounce:
With RSI near 30, a short-term corrective bounce could occur before further downside.
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Gold price bulls have the upper hand while above the $2,773-2,772 resistance breakpoint

From a technical perspective, sustained strength and acceptance above the $2,800 mark will be seen as a fresh trigger for bulls. That said, the daily Relative Strength Index (RSI) is on the verge of breaking into the overbought zone. This makes it prudent to wait for some near-term consolidation or a modest pullback before placing fresh bullish bets around the Gold price and positioning for an extension of the strong move-up witnessed over the past month or so.

Meanwhile, any corrective slide is more likely to find decent support and remain limited near the $2,773-2,772 horizontal zone. This is followed by the $2,758-2,756 region, which if broken might prompt some long-unwinding and drag the Gold price further towards the $2,740 area en route to the $2,725-2,720 pivotal support. A convincing break below the latter could set the stage for some meaningful downside in the near term.

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Gold price remains on track to retest multi-month peak, around $2,786

From a technical perspective, the recent breakout through the $2,720-2,725 horizontal barrier and positive oscillators on the daily chart validate the near-term positive outlook for the Gold price. That said, it will still be prudent to wait for a subsequent strength beyond the $2,772-2,773 immediate hurdle before positioning for a move towards the $2,786 area, or the highest level since October 2024 touched last Friday. The momentum could extend further towards the all-time peak, near the $2,790 zone. Some follow-through buying, leading to a move beyond the $2,800 mark, will be seen as a fresh trigger for bulls and pave the way for an extension of a well-established uptrend witnessed over the past month or so.

On the flip side, weakness below the overnight swing low, around the $2,745-2,744 area could be seen as a buying opportunity but limited near the $2,730 region, or the weekly trough touched on Monday. This is followed by the $2,725-2,750 resistance-turned-support, below which the Gold price could accelerate the fall towards the $2,707-2,705 area en route to the $2,684 support zone.

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