Alex Borzak
⬤ Gold continues trading near record levels, holding a clear bullish structure as it consolidates below $5,000. The prevailing trend remains firmly positive, with price holding comfortably above multiple demand zones. Recent action shows consolidation rather than weakness—a natural breather following the strong rally that pushed prices toward fresh all-time highs.
⬤ A key resistance zone sits between $5,000 and $5,030, temporarily capping upside momentum. This area lines up with the previous all-time high where price stalled before pulling back. Despite the pause, gold keeps printing higher lows, which reinforces the broader uptrend. The breakout structure stays intact as long as price holds above nearby support levels, suggesting recent dips are just corrections within the larger bullish move.
⬤ On the downside, several important support levels are clearly mapped out. Immediate support rests around $4,900 to $4,910—a zone that's repeatedly attracted buyers. Another layer sits near $4,940 to $4,950, where price consolidated before the latest push higher. These areas match up with strong demand zones on the chart, showing solid buying interest underneath and limiting the chances of a deeper pullback.
⬤ This setup matters because gold is hovering near historically significant levels. If price holds above $5,000, it would confirm bullish momentum and open the door for further gains into uncharted territory. On the flip side, failure to break higher could mean more sideways action, with those support zones becoming critical for keeping the uptrend alive. As long as gold stays above key demand levels, traders are focused on how it reacts around resistance in the coming sessions.
Alex Borzak
