Thoughts on the $US30 daily chart setup

Been watching $US30 for a while now, and I can't help but notice how it's been reacting to that 53700-53750 zone. Today's price action, sitting around 53732.41, seems to be retesting that area after finding some support there over the last few days. It's almost like a developing range, but I'm trying to figure out if it's coiling for a breakout or just consolidating before a deeper pullback. My gut says it could be a continuation higher if it holds above 53673.47 on a closing basis, but that's just a hunch.

The primary risk I'm looking at, which would invalidate that thought process, would be a strong close below 53673.47. If we slice through that with conviction, then the potential for a deeper correction towards 53500 becomes a lot more probable. Just trying to read the tape here, curious what others are seeing.