The recent sell-off in XAUUSD saw the price surge above its previous high before plummeting and breaking through the crucial support level at 2400. This could lead to a sideways market phase, as the formation of a double top indicates that the bulls lacked the strength to sustain higher prices.
For traders who missed the initial bullish rally, this could be an opportunity to go long. The next key support level is 2350, where the price had previously consolidated for an extended period before breaking and closing above it. I anticipate a retest of the resistance zone at 2400 from this support level. However, if the market continues to decline, the next significant support level will be at 2300.