Chartbook: US Chart Gold (XAU): Consolidating above 4000, scope for break later

Gains at the start of Q2 reached 4890 high before turning lower in choppy trade to retrace all the gains from 4100 March low to post fresh year low at 4024.

Bounce from the latter see prices correcting losses from the April high with resistance starting at the 4380/4400, high of October 2025 and congestion area. Clearance here will open up room for stronger corrective gains and see room for extension to resistance at December 2025 high and congestion at the 4550/4600 area which also approximate channel resistance from the January historic high projected into Q3. Would expect these to limit corrective gains and give way to renewed selling pressure to extend losses from the January historic high.

Meanwhile, support are at the 4100/4024, March and 11 June lows. Break of these will see room for deeper pullback to retrace the 2022/2026 rally and see room to support at 3605/3500, the 50% Fibonacci retracement and high of April 2025.