Peter Smith
⬤ Gold stays in a steady uptrend, trading above its rising support line that's been holding since late 2024. The metal has been building these tight consolidation patterns, and historically each one broke out to the upside with strong momentum. Right now XAU sits around $4,065 after briefly touching highs above $4,130, still comfortably above that sharply ascending support.
⬤ The chart shows several tight consolidation phases marked by dotted red resistance lines. Every time, gold paused for a few weeks before breaking higher with fresh strength. The most recent example happened earlier this year when XAU moved sideways for months before surging past $4,000. What we're seeing now looks a lot like those earlier setups - price holding firm above the rising trendline while consolidating under a sloping resistance near the $4,200 zone.
⬤ The rising support line keeps intersecting with price throughout the year, acting as a solid base for each new leg up. Candles stay mostly green during major moves, and only quick dips test the trendline before buyers jump back in. The upward arrows on the chart point to another possible continuation if gold breaks above this short-term consolidation. With the weekly trend intact and price sitting well above $3,800, the technical picture still looks strong.
⬤ This latest consolidation matters because it's developing inside a well-defined upward structure that's been guiding gold all year. Staying above the rising trendline shows underlying demand remains solid despite recent chop. If momentum picks up again and price breaks through the upper edge of this zone, it could shift sentiment across the precious metals market, especially with gold trading near record levels and maintaining strong support below current prices.
Peter Smith
