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Gold’s Breakout and Retest in 2019-2020
Gold (XAU/USD) experienced a significant breakout in mid-2019, surging past the long-held resistance of $1,375 per ounce, a level that had capped prices for nearly six years. After this breakout, gold briefly retested this level in late 2019 before rallying strongly in 2020, fueled by economic uncertainty and unprecedented monetary stimulus during the COVID-19 pandemic.

This classic breakout and retest pattern reinforced $1,375 as a new support level, eventually helping gold reach a record high of over $2,000 per ounce by mid-2020. However, a failed retest of key support in 2021 signaled the start of a prolonged consolidation phase.