The daily chart for XAUUSD shows that $1700 is reacting as a strong support zone and buyers are accumulating. It also shows that attempts to regain the downside limited. Technical indicators stay within oversold levels, lacking directional strength while moving averages maintain their firmly bearish slopes far above the current level.

In the near term, and according to the 4-hour chart, RSI is trading near the level of 40 and making higher highs and higher lows. The pair briefly traded near the  30 days EMA, now back below it, while the longer moving averages keep heading south far above the shorter one.

Support levels: $1697 followed by $1685

Resistance levels: $1720 followed by $1732

Indicators

RSI – On hourly chart marking near the level of 50

MA – On 4 hourly chart resist by 50D EMA