Saad Ullah
⬤ Gold's reclaimed the $5,000 handle after a solid bounce off recent lows. Spot gold found buyers around $4,850 and already climbed back to $5,080. The chart shows a sharp V-shaped recovery following a steep drop, with price now sitting comfortably above that key psychological level.
⬤ The selloff pushed gold down to the $4,850 zone where demand kicked in. From there, price reversed hard with back-to-back bullish candles, lifting gold above earlier intraday resistance. The chart shows gold trading near $5,083—up about 2.76% on the session.
⬤ With gold holding above $5,000, the next resistance zone sits around $5,300, lining up with previous consolidation visible on the chart. As long as $5,000 holds as support, this bounce structure suggests potential for another leg higher toward that area without killing the recovery momentum.
⬤ The $5,000 level's become a major line in the sand—both technically and psychologically. Reclaiming it after a sharp drop could steady sentiment after the recent volatility. How price acts here matters: holding above keeps the bulls in control, while losing it would reopen downside risk back toward those tested support zones.
Saad Ullah
