XAUUSD Holding This Line – What Happens Next?

Been watching $XAUUSD pretty closely lately. We've had a decent bounce off that 1980 region, and for the life of me, I can't shake the feeling it's a critical level. It acted as resistance back in late October, and then flipped to support in early November. Now we're back testing it from above, and it's holding firm so far.

The bounce from 1980 to the current 2000-2005 range isn't exactly screaming 'bull market restart,' but the fact that 1980 is holding is a positive sign for the time being. If we crack decisively below 1980 on a daily close, my current thesis for a continuation to the upside (targeting the 2030-2035 resistance) is out the window. That would likely open the door for a retest of the 1960s, maybe even the 1950s. Just my two cents, but that 1980 level is where the current narrative plays out for me.