Saad Ullah
⬤ Gold (XAU) is holding steady after a sharp rally, with the 1-hour chart showing the market has entered another consolidation phase at higher levels. The current pattern reflects a pause in momentum rather than a reversal, with traders watching to see if Gold can keep its constructive technical structure intact.
⬤ The chart shows XAU previously moved sideways under a resistance ceiling before breaking higher, followed by formation of another consolidation range at elevated prices. Price action remains guided by a rising support line, while the upper boundary forms a tightening channel, showing reduced volatility during this pause. This consolidation may eventually resolve higher, with the image highlighting repeated stabilization along rising support.
⬤ The broader price structure shows a series of higher highs and higher lows in Gold, with each consolidation phase happening at progressively higher levels. This pattern suggests ongoing demand during pullbacks while the trend stays upward. On the XAU 1-hour chart, continuation of the rising trendline remains the key technical feature keeping the current structure intact.
⬤ This matters because Gold is a key global macro asset that often influences broader market sentiment. With the Gold price consolidating at elevated levels, XAU remains in focus as traders assess whether the metal can maintain its upward bias or if changing market conditions could eventually challenge the rising support trend.
Saad Ullah
