XAU recently pulled back after failing to hold above recent highs, while short-term charts are showing weaker momentum and declining buying pressure. Current price action around the 15m timeframe suggests traders are becoming more cautious after the latest rally.
But zooming out, the bigger macro picture still looks supportive for gold.
Markets continue watching:
• Uncertainty around future Fed rate cuts
• Persistent geopolitical tensions
• Elevated global debt levels
• Central bank gold accumulation trends
To me, this correction currently looks more like a liquidity reset than a confirmed end to the bull cycle.
The key question now is whether buyers step back in near major support zones — or if weakening momentum starts turning into broader risk-off pressure across commodities.
Gold is no longer moving only on fear.
It’s moving on expectations.