Metals

Key Structure:  Price has broken out of a descending channel with a  Higher High at $4,800.25  (April 7). The pullback from this high is shallow at only  6.9%   a healthy correction in an emerging uptrend

The XAUUSD daily chart indicates a broader bearish correction after breaking below the critical psychological level of 5000.00 , which has now flipped from support to heavy resistance. Based on the projected trajectory, the price is expected to pull back to test the immediate support zone at 4550.00 in the near term. A subsequent bounce from this level could lead to a temporary relief rally, retesting the 5000.00 resistance and potentially forming a lower high. Ultimately, if sellers aggressively defend this upper barrier, the resulting rejection could trigger a deeper downward continuation targeting the next major support block at 4300.00

XAUUSD shows mixed momentum into the weekly close, with price consolidating after recent volatility. Key resistance remains near recent highs, while support holds around short-term demand zones. A break above resistance may signal bullish continuation, while rejection could lead to a pullback. Market focus stays on USD strength and rate expectations, keeping gold sensitive to macro shifts.