Peter Smith
⬤ Gold has locked in its bullish momentum after smashing through multi-year resistance levels that held it back for years. The metal is now trading comfortably inside a rising channel, with the chart showing how it built multiple rounded bases below resistance before finally breaking out. The current monthly candle shows Gold sitting above the breakout zone, and the recent drop hasn't altered the bigger upward picture.
⬤ Looking at the chart, Gold kept hitting the same resistance line from 2020 all the way through 2023 before it finally broke free in early 2024. That breakout came after several rounded bases formed—basically showing that buyers were accumulating for a long time. Since clearing that resistance, Gold has been making higher highs and higher lows, moving steadily through the channel that's been guiding price action for over a year now. Even with the short-term pullback we've seen lately, Gold is still sitting well above that $3,800–$4,000 support range, which lines up perfectly with the channel's lower edge.
Gold tested the same resistance line repeatedly from 2020 through 2023 before finally breaking above it in early 2024.
⬤ The ascending channel shows consistent upward movement, with price respecting both the middle line and upper boundary when it makes its big moves up. Gold's current position near $4,085 shows that buyers are still interested, even when we get these periodic pullbacks. What used to be resistance has now become a structural support zone, which effectively reinforces the bullish momentum. The overall trend remains solid as long as the price stays within the channel and above that key support area.
⬤ Gold holding its breakout from such long-standing resistance is a big deal because moves like this usually signal strong demand, especially during times of global uncertainty. Its continued climb inside the ascending channel proves that this trend has legs and that the $3,800–$4,000 support zone is crucial for maintaining momentum. The chart is basically screaming that Gold's breakout structure is still running the show, keeping the setup bullish across precious metals.
Peter Smith
