XAUUSD had a clean uptrend, riding above all key moving averages. Now we’re seeing a sharp rejection near highs with price pulling back into support.

Key levels to watch:

• Holding current zone → continuation likely

• Losing it → deeper retrace toward 50/100 SMA

With rate cut expectations shifting and yields staying elevated, gold is entering a decision phase.

Not bearish yet — but momentum is clearly slowing.