Alex Borzak
⬤ Gold picked up serious steam in the latest session, with XAU/USD punching through the crucial $4,800 mark and heading toward $4,900. The move comes after bouncing back from recent lows and represents a clear shift in how the market's been trading lately. The chart shows gold climbing back into an ascending channel, which tells us buyers have wrestled back control after things got a bit shaky.
⬤ Looking at what's ahead, there's resistance sitting at $4,894, then $4,945 and $4,987—all spots where gold's had trouble breaking through before. Right now, price is holding steady above $4,800 while gradually creeping higher. If gold can decisively crack the $5,000 psychological level, that would be a big deal technically speaking. It would open the door to the next target around $5,216, which lines up with projections on the chart.
⬤ On the flip side, if things reverse, the key support levels to watch are $4,655 and $4,501. These are zones where buyers have stepped in before when price dipped. Any pullback toward these areas would test whether the uptrend's still solid, but it wouldn't necessarily mean the rally's over. As long as gold stays above these support floors, the overall bullish picture stays in play.
⬤ Why this matters: Gold breaking back above $4,800 and holding there shows buyers mean business after recent choppy trading. A continued push toward higher resistance levels would confirm the upward momentum is real, while failing to hold support would likely send us back into sideways action. With several important price levels bunched together, the next few trading sessions should give us a clearer picture of where gold's headed in the near term.
Alex Borzak
