Gold – Bulls Defending 3630, But Is It Enough?

[m_c_jacob]

In my previous outlook, I highlighted the possibility of Gold sliding further, with 3620 and even 3570 as potential targets if the correction deepened. Yesterday, the market indeed pressed lower, printing a new trough at 3628, before bouncing back strongly.

For the past sessions, I’ve been stressing that while a pullback was likely, this move should be seen as a temporary correction, not a change to the broader uptrend.

That leaves us with the big question: Has the correction run its course?

Technical view:

The recent swings look overlapping and corrective rather than impulsive.

The Fed’s push lower to 3635, followed by subsequent dips to 3628 and 3632, were all quickly absorbed by buyers, signaling strong demand around the 3630 region.

Price still trades beneath the descending trendline, so we don’t yet have a confirmed breakout.

️ Current stance:
Given this price behavior, I’ve decided to lock in profits on my shorts (around +550 pips) and step aside for now. My bias is shifting towards the bullish side, but I prefer to let the market confirm before jumping in.

🟢 Two possible bullish setups:

If we see another push into 3620–3630, I’ll treat it as a potential long entry zone, expecting bulls to defend once more.

A sustained move above 3665–3670 would mark the correction as complete in my book, opening the door for trend-continuation buys.

For now, I’m watching carefully. The bulls are defending their ground, and once price confirms, the next upward wave could unfold.

#xauusd #xauusdsignals