Peter Smith
⬤ Gold's working its way higher after finishing a pullback that took it down to the $4,414–$4,377 support zone. The one-hour charts show XAU/USD bounced right where it was supposed to—at the $4,407 low—matching up perfectly with Fibonacci levels and previous structure. From there, the metal started climbing again with the kind of price action that screams "trend continuation."
⬤ Here's the thing: as long as gold stays above the $4,273 level, the path of least resistance is still up. The wave structure's pointing toward a move into the $4,913–$5,002 resistance area. That target comes from extension calculations and channel projections visible on shorter timeframes. Right now, selling doesn't make much sense—the momentum's clearly bullish.
⬤ What matters here is that gold defended its correction low and jumped right back into rally mode. This isn't exhaustion—it's continuation. Traders are watching to see if XAU/USD can push through and hold strength as it approaches that $5,000 psychological level. The bounce from support and the higher highs forming afterward tell you the bulls are still in control.
Peter Smith
