Peter Smith
⬤ Gold is trading in a well-defined uptrend, backed by a solid consolidation pattern on the 4-hour chart. The price action shows a continuation setup rather than a chaotic move, with a flag formation building inside an ascending channel. This pause looks like part of the bigger bullish push, not a sign that the trend is running out of steam.
⬤ Support has moved higher and now sits between $4,900, $4,880, and $4,820. This zone has been tested multiple times during recent dips, and price keeps bouncing off the rising trendline. The pullbacks have been controlled—no sharp drops—which tells you buyers are stepping in near support. Momentum indicators back up this continuation structure.
⬤ On the resistance side, the chart points to clear targets at $5,000 and $5,100. The projected path allows for short-term pullbacks while keeping the bigger uptrend alive. Any dip toward support is seen as normal trend behavior, as long as price holds steady and doesn't break down decisively.
⬤ This setup matters because it shows gold moving on structure and momentum, not wild swings. Holding above the support range would confirm the bullish continuation, while dropping below could shift the outlook. With gold trading at historically high levels, how price reacts around these key zones will likely shape near-term sentiment.
Peter Smith
