Saad Ullah
Gold is doing something interesting right now — it's not breaking down, but it's not sprinting higher either. Instead, it's holding structure inside an expanding wedge formation, with price swings getting wider while the underlying trend stays intact. Here's what the chart is telling us.
$4,600 Holds as Structural Support
On the daily chart, gold continues to trade within an ascending broadening wedge — a pattern defined by higher lows along the lower trendline and progressively wider price oscillations. The rising support near $4,600 has held firm despite recent turbulence, with buyers consistently stepping in before price can breach that floor. The formation of higher lows along the support slope confirms that structural demand remains intact.
The recent pullback from the upper wedge boundary wasn't a sign of weakness — it was the pattern behaving exactly as expected. Price is now stabilizing near the midpoint of the range, consistent with expanding volatility inside a broadening structure. This mirrors behavior seen when gold bulls defended key support near $4,050, where consolidation gave way to continued upside as buyers held control.
$4,800 Pivot: The Level That Decides the Next Move
All eyes are on $4,800. This zone is functioning as the near-term directional pivot — as long as gold holds above the rising support, the broader structure stays constructive. A decisive push through $4,800 would open the door toward the upper boundary of the wedge and signal a return of bullish momentum.
This dynamic is familiar. During the stretch when gold futures printed their 38th record high of 2025, expanding volatility accompanied trend continuation rather than exhaustion — a scenario that appears to be repeating now.
The takeaway: gold is entering a volatility expansion phase, not a breakdown. Wider price swings combined with rising support are hallmarks of an active trend environment. The next directional signal hinges on how price resolves around the $4,800 pivot — and right now, the structure still favors the bulls.
Saad Ullah
