Alex Dudov
⬤ XAU has busted out of a multi-year ascending channel and keeps climbing, now trading above the $4,100 mark. The chart shows a clean break past the channel's upper edge, backed up by several rounded base patterns that strengthened the overall bullish structure. What's interesting is how November 2025's price movement looks almost identical to November 2024, when gold hung around the upper band before taking off hard into the new year.
⬤ The chart lays out an ascending channel that's been steering gold's direction since 2015, with plenty of action along both the top and bottom edges. Between 2021 and 2024, several rounded bases formed—basically accumulation zones that came before strong upward moves. Gold broke through the channel's ceiling in late 2024 and kept pushing higher into 2025, staying above the $3,450 to $3,650 range that used to act as resistance. The labels showing October to November 2024 and October to November 2025 really drive home how similar these two setups are, with the current structure sitting around $4,100.
⬤ The chart includes upward arrows pointing to continued momentum, with gold locked in firmly above major support in what used to be the channel's upper zone. After last year's breakout, gold held those elevated levels and built another rounded base before moving higher. The long-term trend still shows that classic pattern of higher highs and higher lows, proving the strength in this broader cycle just keeps going.
⬤ What makes this notable is that XAU is showing its long-term bullish expansion isn't done yet, holding strong above a major structural breakout level. The fact that November 2024 and November 2025 look so similar suggests gold might be gearing up for another big phase that could set the tone across precious metals as this momentum carries into the year ahead.
Alex Dudov
