Gold: Breakout Retest Comes Into FocusGoldOANDA:XAUUSDStructure_ViewGold has finally broken through the 4,405–4,440 supply zone that capped price repeatedly over the past week. The breakout was not marginal. Price accelerated sharply through resistance and reached the psychological 4,500 area, confirming a meaningful shift in short-term structure. Now comes the more important part: can former resistance hold as support? The 4,405–4,440 region has changed roles. After acting as supply on several previous attempts, it should now become the first major area where buyers look to defend the breakout. A controlled pullback into that zone would not weaken the bullish structure. In fact, a successful retest could provide much stronger confirmation than chasing price after the initial vertical move. The fundamental catalyst behind the breakout was also significant. Gold surged more than 3% after the U.S. Treasury unexpectedly announced that it would substantially increase buybacks of long-dated government bonds. The announcement pushed Treasury yields sharply lower and weakened the U.S. dollar, improving the relative appeal of non-yielding assets such as gold. However, the macro picture is not entirely one-sided. Minutes from the Federal Reserve’s July meeting showed that several policymakers remain concerned about persistent inflation and believe higher rates could still be necessary if price pressures fail to ease. That means gold may continue to experience volatility around changes in yields and rate expectations. Bullish Scenario A pullback into 4,405–4,440 followed by a clear bullish reaction would confirm the zone as new support. That would keep 4,500 in focus and could eventually open the path toward higher price discovery. Bearish Scenario A sustained move back below 4,405 would raise the risk that the breakout was driven primarily by short-term momentum. In that case, price could rotate back toward the 4,315–4,325 major demand zone. For now, the breakout is real. The question is whether buyers are willing to defend it. Would you buy the breakout here, or wait for gold to retest former supply first?