Gold Uptrend Remains Intact Despite Recent Pullback

The XAUUSD (spot gold) remains in an overall uptrend that originated from the 1810 level. The recent pullback from the 2431 high is likely a consolidation phase within this broader uptrend.

Range-Bound Trading Expected
Over the next several weeks, the XAUUSD is expected to trade within a range, with the 2200 and 2431 levels acting as key support and resistance boundaries.This sideways range-bound price action can be viewed as a continuation of the consolidation phase as gold digests its recent gains.
 Upside Resumption on Hold Above 2200As long as the XAUUSD remains above the 2200 support, the overall technical bias will remain tilted to the upside. After the current consolidation period, a resumption of the broader uptrend could potentially unfold.In this scenario, the next key upside target for gold would be the 2500 psychological level.
 Downside Risks on Break Below 2200On the flip side, a breakdown below the 2200 support would likely signal that a lengthier consolidation period is underway within the uptrend from 1810.If sellers can push gold below 2200, the next key support to watch would be in the 2000 area.
 Key Levels to WatchThe key levels to monitor in the XAUUSD are the 2200 support, the 2431 resistance, and the 2500 upside target.As long as gold holds above 2200, the overall technical bias will remain bullish, with the potential for a continuation move toward 2500 after the current consolidation.However, a break below 2200 would be a significant technical event, likely opening the door for a deeper pullback toward the 2000 support zone.The XAUUSD uptrend remains intact despite the recent pullback from 2431. The direction of the next big move will likely be determined by gold’s ability to hold above the key 2200 support during the current consolidation phase.More By This Author:British Pound Rebounds Strongly Against US DollarEURUSD At Critical Trendline Resistance: Downtrend Resumption Or Bullish Reversal?Bitcoin Extends Pullback, But Longer-Term Uptrend Remains Intact