Chartbook: US Chart Gold (XAU): Room to extend corrective pullback

Saw steady gains from the Q2 low at 3942 to reach the 5-month channel resistance from the April high just beneath the 4700 level. This has given way to selling pressure to leave a lower high at 4696 August high and see scope for pullback to retest the 4000 level and 3942, July low.

Below the latter will see room for deeper pullback to retrace strong gains from the 1615, September 2022 year low to the nearby support at 3885 and lower channel support area. Break here, if seen, will open up room for deeper pullback to the 3605, 50% Fibonacci retracement, and the 3500 figure and high of April 2025.

Meanwhile, resistance is at the 4696/4700 August lower high and congestion area. Would take break here to fade the downside pressure and open up room for retest of the 4890 April high. Above the latter will return focus to the upside and set up scope for retest of the 5419 and 5597, March high and January all-time high.