Gold (XAU/USD) is showing signs of stabilization after last week’s steep drop from its all-time high near $3,165. Prices are currently hovering around $3,012, finding support above the 200 EMA at $2,991.
This level previously triggered a bounce, hinting at buyer interest around the $2,957–$2,980 zone. That said, the broader structure remains vulnerable unless gold reclaims the 50 EMA at $3,058, which now marks key overhead resistance.
The previous breakdown below the rising channel indicates a short-term shift in trend, and while the recovery off the $2,957 low is encouraging, the rebound lacks momentum for now. If bulls can drive price above $3,058, that would open the path toward retesting $3,101.
But failure to do so could keep gold stuck in a consolidation phase or trigger another test of support. For now, price is caught in a tug-of-war between long-term strength and short-term caution.
