$XAU pulled back sharply from the $5,595 all-time high and is now trading around $5,224 — right back inside the support zone that previously marked the top of a major consolidation range. That level turning into support is classic market structure.
Geopolitical tensions remain elevated. Ongoing war risks continue to support safe-haven demand, while central banks — led by China — have been accumulating gold for the 15th straight month.
RSI is cooling after overbought conditions, and MACD momentum is fading slightly. However, the broader trend still looks intact. This appears more like a healthy correction than a full reversal.
A clean break above $5,225 could open the door for the next move toward $5,400. On the downside, a drop below $4,915 would quickly shift the outlook.
Pullback or launchpad? For now, the structure suggests the latter.