Dmitri Lysenko
⬤ Gold kicked off the week with a gap up that pushed XAU right above a resistance area that had been tested before. That initial jump brought gold into a technically sensitive zone where things have slowed down and started to consolidate. The chart shows this pause happening right near the upper edge of a long-running ascending channel.
⬤ Looking at the bigger picture, there's been a solid uptrend building over the past several months that's carried gold from around $3,300 all the way up to the mid-$4,600s. The pattern of higher highs and higher lows is still holding, backed by a clearly rising lower trendline. The recent move has put price just above the $4,660 mark—a level that's previously capped upside attempts and now serves as an important reference point for what's happening right now.
⬤ After that gap higher, gold has basically been moving sideways near the upper channel line instead of pushing further up. The candles in this area are overlapping with pretty small ranges, showing that momentum has cooled off following the gap. While price hasn't dropped back decisively into the channel, it also hasn't shown strong continuation above that resistance level, leaving the market in a short-term holding pattern.
⬤ This technical setup matters because when gold consolidates near resistance like this, it usually sets up the next directional move. Staying above former resistance keeps the broader uptrend structure intact, but hanging around at the top of the channel for too long could make the market more sensitive to pullbacks toward trend support. How gold resolves this consolidation phase will likely determine near-term momentum and shape what comes next within the existing trend.
Dmitri Lysenko
