Possible pullback on the 1W chart

XAUUSD has been exhibiting a strong uptrend over the past several weeks, but recent price action on the weekly chart suggests the possibility of a pullback in the near term. Traders and investors should be aware of the potential reversal or correction in this currency pair.

Possible Scenarios:

Moderate Pullback: Traders may see a moderate pullback in XAU/USD as it retraces to key Fibonacci support levels. This could be seen as an opportunity for buyers to enter the market at more favorable prices.

Reversal: If bearish sentiment intensifies, there could be a more significant reversal, potentially targeting the 50% Fibonacci retracement level. We could even see a continuation of the downtrend we've been seeing since May, but that largely depends on fundamental factors such as war

Resumption of Uptrend: The strong uptrend may continue if buyers regain control, especially if fundamental factors such as war and the related concerns persist.