XAU/USD Key Levels: Awaiting Breakout or Breakdown

Current Situation: Gold (XAU/USD) is currently consolidating near critical levels, forming a triangle pattern in lower timeframes. The price is struggling to break above the resistance at $2658–$2660, while $2641 acts as the Point of Control (POC) and key support.

Key Levels to Watch:

Resistance:
$2658–$2660: Major short-term resistance zone.
$2670–$2680: Target upon breakout.

Support:
$2641 (POC): Immediate support zone.
$2635 and $2625: Next support levels upon breakdown.

Long-term Support:
$2500: Strong structural support in higher timeframes.

Scenarios:
Bullish Scenario:
Condition: Price breaks above $2658–$2660 with strong volume.
Target: $2670–$2680.
Stop Loss: Below $2650.

Bearish Scenario:
Condition: Price breaks below $2641 (POC) with strong selling pressure.
Target: $2635 and $2625.
Stop Loss: Above $2650.

Long-Term Outlook:
If the bearish trend continues and the price approaches $2500, this level could provide a solid buying opportunity for long-term positions.
Elliott Wave Perspective:
The current move appears to be part of a corrective structure (Wave C or Y), with the potential for a significant reversal near support levels.
Breakout above $2660 could signal the start of a new impulsive wave to the upside.

Conclusion:
XAU/USD is at a critical juncture. A breakout above $2660 or a breakdown below $2641 will likely define the next significant move. Watch for volume confirmation and price action at these levels to align your trades accordingly.