XAUUSD: Healthy Pullback or the Start of a Downtrend?

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Hello everyone! What do you think about the current trend of XAUUSD ?

Looking at last week’s movement, gold experienced a pullback after nine consecutive weeks of gains. By the end of Friday’s session, price action remained relatively calm, consolidating around the $4115 area while maintaining the psychological support near $4000.

From a technical perspective, it’s still too early to conclude whether this marks the beginning of a bearish trend or just a temporary correction. However, in the short term, from my view — and that of many others — this looks more like a healthy correction than a full trend reversal.

The fundamental reasons supporting gold’s strength haven’t disappeared. The U.S. government shutdown continues, meaning we’re not receiving key economic data — increasing overall uncertainty. Meanwhile, central banks like Russia and China keep accumulating gold aggressively, and ongoing geopolitical tensions surrounding the war in Ukraine continue to support gold as a safe-haven asset.

Technically, after forming a double top, gold has entered an accumulation phase, potentially setting up for a new bullish structure. If price can break above the current resistance zone, it could open the door for a strong upward continuation.

And you — what’s your view on the future of this precious metal? Share your thoughts in the comments below!