XAUUSD: Wait for a pullback to around 2620 to buy, target 2650

Last week, the overall US dollar index rose sharply because the Fed's "hawkish turn" exceeded expectations, which means that the expectation of interest rate cuts next year will be halved.

The data released last Friday showed that all US PCE data were lower than expected, the US dollar index began to fall, and gold ushered in a sustained rebound.

From the overall trend, I think this rebound is likely to test 2650, so we can wait for the retracement support to buy.
From the 1H chart, we can see that 2620 is both the previous resistance and the current support, which has been verified during the previous retracement. At the same time, 2620 is also the 0.618 position of the Fibonacci retracement of this rebound.

So in the next operation, we wait for the gold price to fall back to around 2620-2625 to enter the market and buy, with a target of 2650