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IDEA
https://www.tradingview.com/chart/XAUUSD/Qo17GwPy-XAUUSD-IDEA/?social_toast=true
XAUUSD remains structurally bullish, but Tuesday’s price action indicates a short-term corrective phase after the recent rally to a three-month high. Spot gold reached around $4,697 intraday before pulling back toward the $4,620–$4,640 area. The decline is consistent with profit-taking and a firmer U.S. dollar rather than, at this stage, a confirmed reversal of the broader trend.
The recent rally has been supported by strong technical momentum, lower-yield expectations, safe-haven demand and substantial gold ETF inflows. However, the market is now approaching an important decision zone around $4,680–$4,700, where renewed selling pressure could extend the correction.
Technical Outlook
The local bullish structure remains intact as long as gold holds above the $4,600–$4,630 support region. A consolidation above this zone would suggest that the current decline is a normal retracement rather than the beginning of a larger bearish reversal.
Resistance: $4,680 → $4,700 → $4,720
Support: $4,630 → $4,600
Bullish continuation zone: $4,720–$4,775
Key structural level: $4,600
A sustained break and close above $4,700–$4,720 would strengthen the bullish continuation scenario and expose the $4,775 area. Technical analysis published Monday similarly identified $4,575 as a local demand cushion and $4,720–$4,770 as the next upside region.
A sustained break and close above $4,700–$4,720 would strengthen the bullish continuation scenario and expose the $4,775 area. Technical analysis published Monday similarly identified $4,575 as a local demand cushion and $4,720–$4,770 as the next upside region.
Conclusion
GOLD remains bullish on the local trend, but momentum is temporarily cooling after the strong advance. The current pullback should be treated as a corrective phase unless the $4,600 support zone fails decisively.
The key technical question is therefore not whether gold can immediately make another high, but whether buyers can defend $4,600–$4,630 and rebuild momentum.