XAUUSD - Will the trendline HOLD? Gold has reached a critical juncture as prices have sharply retreated to test the major uptrend line that's been in place since late January. Currently trading at $3,038.98, the precious metal has experienced a significant pullback from its recent all-time highs above $3,160. This trendline has supported gold's impressive rally for months, making this test particularly important for determining the near-term direction. If buyers step in at these levels, we could see a bounce and continuation of the broader uptrend; however, a decisive break below this trendline could trigger a more substantial correction, potentially targeting previous support zones around $2,950-$3,000. The sharp nature of the recent decline suggests increased selling pressure, making the next few trading sessions crucial for determining whether this is merely a dip in an ongoing bull market or the beginning of a deeper retracement.
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