Gold Price Under Pressure as Two-Week Decline Tests August Breakout

The gold price has experienced a sharp two-week decline of nearly 9%, reversing some of its August gains. This pullback has brought XAU/USD back to an important inflection point, with the focus now on whether bulls can regain control and revive the broader recovery.

The key technical levels for gold are currently at resistance around $4493-$4533, $4681, and $4855/$94. Support is located at $4319, $4175 (key), and $4018.

The August breakout remains technically viable for now, but bulls need to stabilize the current decline to preserve the broader recovery. The next major directional move could be influenced by key U.S. inflation data, specifically PPI and CPI releases next week.