Chartbook: US Chart Gold (XAU): Room to extend pullback from 5597 all-time high

Gains at the start of the year through the 2025 year high at 4550 posted fresh all-time high at 5597 before turning sharply lower to retrace all of these gains.

Subsequent bounce from the 4400 low has seen volatile trade to leave a lower high at 5419. Pullback from the latter threatens break of the 5000 level to open up room for retest of support at the 4800 congestion and 4550, 2025 year high. Negative weekly studies highlight risk for break of these support to open up room for retest of 4400. Below the latter will see room for deeper correction to the 4000 level which is expected to underpin. Failure here, if seen, will confirm a deeper correction to the 3500 support.

Meanwhile, resistance at the 5400/5419 congestion and March high is expected to cap. Would take break here to open up room for retest of the 5597 high and extend the underlying bull trend. Clearance, will see continuation to the 6000 level.