Time to Watch the Shiny Metal | Drop or Fly?

After a sharp rally over the past few weeks, XAUUSD has shown signs of a correction. The recent drop suggests that further downside potential remains, with a broader target around the 2900 level.

In the short term, the price zone between 3004–3001 is crucial. If price action shows rejection from this area, we may see a continuation of the intraday move down towards 2966.

However, if the price manages to close above 3016, this could trigger a bullish move towards the 3038–3045 zone, where selling opportunities may arise again.