Eseandre Mordi
⬤ Gold has returned to its familiar trading corridor between $4,570 and $4,600, stabilizing after a quick intraday dip and keeping its broader uptrend alive. Price has bounced back into the range after briefly testing lower levels, showing that buyers are still stepping in near key support zones. The current setup suggests bullish sentiment is holding firm, with sellers not showing any real technical edge at this stage.
⬤ The $4,570 mark is acting as the main line in the sand for short-term direction. Price has repeatedly found solid footing near this level, blocking any deeper pullbacks. As long as gold stays above $4,570, the consolidation leans bullish. A clean break above $4,600 with follow-through would complete this holding pattern and could set the stage for a move toward $4,800, with $5,000 in play under an extended rally scenario.
⬤ That said, the downside risk is equally defined. A drop back below $4,570 would break the current structure and likely kick off a short-term correction. Price is compressing between clear support and resistance without committing to either side yet, which makes confirmation critical before the next real move takes shape.
⬤ This setup carries weight beyond just technicals. Gold often signals shifts in broader risk appetite and macro positioning. A confirmed push above $4,600 would validate bullish momentum and trend confidence, while losing $4,570 could stir up near-term chop. For now, gold is locked in a tight range with the bullish bias intact—so long as support continues to do its job.
Eseandre Mordi
