Gold Price Rebounds from Two-Week Decline as Bulls Seek Stability

The gold price has experienced a significant decline over the past two weeks, dropping nearly 9% from its August highs. The sharp reversal has brought XAU/USD back to an important inflection point, with bulls needing to stabilize the current decline to preserve the broader recovery.

According to Michael Boutros, Senior Technical Strategist, the August breakout remains technically viable for now, but bulls need to secure this decline to stay in control. The focus is on whether bulls can regain control and revive the broader recovery.

The pullback has brought XAU/USD back to an important support level at 4319, which was the yearly open. The September opening range is taking shape just above this level, with initial resistance eyed at 4492-4533.