Gold (XAU/USD) Approaching Key Resistance – Breakout or PullbackGoldOANDA:XAUUSDNexusTradesZoneGold sets a new high of $2,936! Discover a purchase opportunity at the 0.618 Fibonacci retracement level and breaker block for potential momentum. This chart represents a technical analysis of XAU/USD (Gold vs. US Dollar) on a daily timeframe using Fibonacci retracement and extension levels. Here's a breakdown of the possible market trend: Key Observations: Current Price: ~2,936.26 USD Fibonacci Levels: 1.618 Extension: ~2,950.07 (Potential Resistance) 1.414 Extension: ~2,898.07 0.618 Retracement: ~2,695.15 (Potential Support) 0.5 Retracement: ~2,665.07 0.382 Retracement: ~2,634.99 Trend Structure: The price has been in a strong uptrend since late 2024. The next key resistance appears near 2,950 (1.618 Fibonacci extension). A possible correction may occur around 2,950, leading to a retracement before further upside. Possible Trading Ideas: Bullish Scenario: If the price breaks above 2,950, the next leg higher could extend towards 3,000+ USD. Buyers may enter on a pullback around the 0.618 Fibonacci retracement (~2,695) before another bullish move. Bearish Scenario (Correction Phase): A rejection from 2,950 could lead to a retracement to the 2,700–2,665 zone. A deeper correction may test the 2,537 support area.