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STby u/set_trader_thThailand·9hAnalysis

Gold (XAUUSD) Approaching a Key Retest Zone

Been watching Gold (XAUUSD) pretty closely here, especially after that move off the recent lows. It feels like we're heading for a significant retest around the $2380-$2390 area. That zone represented prior resistance before the last leg up, and a break back below it proved to be a magnet. Now, on the way back up, it's the obvious hurdle. If it can consolidate or even dip slightly to confirm support before breaking that level, it would look much healthier for a continued push toward new highs.

My concern, and the risk that invalidates a more bullish outlook for me, is a clear rejection from that $2380-$2390 zone on significant volume, especially if accompanied by a strong dollar bounce. If we see a decisive close back below $2350 after testing that overhead resistance, then I'd be looking for a potential retest of the low $2300s, or even lower. The current $MGC price at $282.65 is looking strong, but that's a futures contract with its own dynamics. I'm focusing on the spot XAUUSD chart here. Just my read on the charts, obviously, market can do whatever it wants.

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