$XAU pulled back from its $5,595 all-time high and is now trading around $5,224 — right inside the zone that previously acted as the top of a major consolidation. This is a classic case of resistance turning into support.
Geopolitical tensions remain elevated, keeping the safe-haven demand alive. Central banks, including China, have been buying for the 15th consecutive month, signaling strong institutional support.
Indicators:
RSI cooling off from overbought
MACD losing momentum
Overall trend remains intact; this looks like a healthy reset rather than a reversal
Key Levels:
Break above $5,225 → next target $5,400
Drop below $4,915 → structure weakens
Pullback or launchpad? Price structure suggests it’s a launchpad.