XAUUSD Bears Hold the Line at 3650 zone – Next Stop 3570?In yesterday’s analysis, I mentioned that in my view, OANDA:XAUUSD ’s correction is not yet complete and that we could be inside an unfolding ABC-type structure. I also suggested that the 3650 zone should be the main focus for bears.
Indeed, price rallied into that zone, consolidated in a small distribution phase, and then started to roll back down again.
At the time of writing, gold is trading at 3632, after retesting the 3623 recent low, which now acts as short-term support.
Looking forward, my idea remains unchanged: I expect another leg down, with 3570 as the next major target. For now, the 3650–3660 area acts as a strong ceiling, and if we look closely, one could even argue a potential double top is forming—if we discount the 3674 spike that marked the ATH.
On the other hand, a stabilization above 3660 would invalidate this bearish scenario and open the door for a new ATH. 🚀
