Dmitri Lysenko
⬤ Gold has entered a consolidation phase after its recent rally, with XAUUSD holding steady above the $4620 support zone. The overall trend looks healthy—we're seeing higher lows and an intact upward channel after the earlier breakout. If buyers keep showing up above $4620, gold could build enough steam for another push toward higher levels.
⬤ Looking at the chart, gold broke out of a triangle pattern before surging higher, then shifted into sideways movement. This consolidation is happening right above what used to be resistance around $4620—now acting as support and backed by a price gap. As long as gold stays above this area, the technical picture suggests we're more likely to see continuation than reversal. Basically, buyers are still stepping in on dips.
⬤ The $4750 zone is the next major hurdle. This level has rejected price before, making it a crucial area to watch. If gold can push through and hold above $4750, it would confirm that the consolidation is resolving to the upside—potentially opening the door to even higher untested levels.
⬤ On the flip side, $4600 is the line in the sand. A break below that would suggest the short-term momentum is fading and could trigger a deeper pullback toward lower support. This setup matters because it gives traders clear technical boundaries for what's next. How price behaves around $4620 and $4750 will likely determine near-term sentiment and volatility in gold as the market decides whether this consolidation leads to another leg up or a corrective move lower.
Dmitri Lysenko
