XAU/USD Tests Key Resistance After Breakout
The XAU/USD price has broken above a multi-month consolidation pattern, marking the strongest technical development since the March decline began.
This breakout has shifted momentum firmly in favor of the bulls and is now testing major resistance. With the market retreating from today's highs ahead of Friday's Non-Farm Payrolls report, traders are watching to see if former resistance can transition into support.
Buyers must prove they can sustain the advance as the rally reaches its first significant resistance zone.