⬤ Gold's trading near recent peaks after a sharp climb, and here's the thing – it's consolidating, not reversing. The price is sitting comfortably above the $2,924–$2,930 support area on the 4-hour chart, which is acting as a technical floor right now. What we're seeing is gold maintaining position above rising trendline support, keeping that bullish structure intact.
⬤ The chart tells a pretty clear story with expanding Bollinger Bands and rising moving averages backing the uptrend. Gold broke above $2,900 earlier this month, pushed into the mid-$2,950s, then pulled back for a breather. That $2,924 support? It's classic former resistance turned support – a textbook sign in trending markets. Price keeps bouncing off this zone, showing buyers are stepping in on dips.
Buying interest is concentrated around the $2,924–$2,930 area, with additional accumulation eyed closer to $2,900.
⬤ The trading setup has a defined risk below $2,893, while the chart's showing room for more upside if gold breaks out from this consolidation phase. As long as price stays above $2,924 and the trend structure holds, the technical picture looks pretty constructive. Gold's ability to consolidate near highs without breaking key support levels signals strong underlying demand – likely reflecting broader macro factors like inflation concerns and currency moves.
