Nataly Kambur
⬤ Gold extended its rally during Asian hours, touching a new peak around 5090 before easing back slightly. The latest push reached the expected target zone, and now the market's entered a short consolidation phase. Price is holding just below recent highs as traders digest the sharp move up.
⬤ The chart shows the rally built on solid support foundations, with price accelerating after holding key demand areas. Weekly support sits around 4960, while the more immediate zone has shifted up to 5030–5050. This range is now the critical test—whether it holds will determine if the bullish momentum continues or if we see a deeper pullback.
⬤ If support above 5030–5050 holds firm, the broader uptrend stays intact and gold could push through 5100 next. The current pullback looks more like a pause than a reversal, with controlled price action rather than panic selling. But if this support breaks, we'd likely see a deeper correction before any fresh attempt at new highs.
⬤ This moment matters because gold's trading at historic levels where reactions tend to get amplified. How buyers respond at this newly formed support zone will likely set the tone for what comes next. A solid hold here keeps bullish sentiment alive, while extended consolidation or a deeper drop might signal the market needs more time before its next major move.
Nataly Kambur
