Check the gold news for forex today (May 19). I see that the XAUUSD price remains at a strange level of $4,800. This is a very critical test point. Looking at the past charts, the price has repeatedly tried to test $4,890 but was always pushed back down.

This morning, an interesting event occurred. The price was panic-sold down to $4,735, then suddenly there was a strong buying push back up, forming a candle with a long lower wick. This signal indicates that there are still many buyers waiting here, as if they know the price shouldn't fall lower than this.

Speaking of important news, the tension between the US and Iran has supported gold prices significantly. When there’s news of war or the closing of the Strait of Hormuz, investors tend to flock to gold as a safe haven. But there are major obstacles holding it back, mainly the high interest rates and strong US economic data.

This week, we need to watch the Retail Sales figures, which are expected to rise. If they come out high, it will reflect a still-hot economy. The hope for the Fed to cut interest rates will diminish, causing the dollar to strengthen and press down on gold.

From a technical perspective, if the price closes firmly above $4,800, it could break out to test $4,839 and $4,859 respectively. But if it breaks below the support level of $4,780, be prepared for a deeper fall to $4,751 or even $4,645.

My strategy is to wait for more clarity before jumping in. Don’t rush now because the price is still on the edge. If you want to enter, wait for the price to hit the support at $4,780 and see a rebound signal, or wait for it to stabilize above $4,800 before following the trend for safer entry.