XAU/USD Stalls Slightly above 3650 – Bulls Losing Steam?Gold printed fresh all-time highs at 3674 last week, only to reverse sharply and settle into a sideways structure between 3620–3655.
The current debate: is this simply a consolidation box that will fuel another breakout, or is the market quietly building a distribution top that could resemble a triple top pattern (if we ignore the spike to ATH)?
Technically, the momentum has clearly cooled. The 3355–3360 area continues to cap the upside, turning into a stubborn barrier that bulls haven’t been able to overcome.
From a fundamental angle, the Fed’s rate cut is already baked into the price. The focus is now on Powell’s guidance. With inflation pushing higher, a cautious and balanced tone is more likely than a dovish surprise.
Cross-checking with other pairs, XAU/EUR and XAU/GBP are already pressing their support levels. That relative weakness suggests the gold complex as a whole may be closer to a downside break than to a new leg up.
For now, I’m flat. But unless bulls regain control quickly, I’ll be watching for failed rallies after London open as potential short setups.
