Sergey Diakov
⬤ Gold (XAUUSD) is trading in a steady upward pattern, consolidating right under the $4,640–$4,650 resistance zone. The 30-minute chart shows gold sitting comfortably above rising support after a solid rally from earlier this week. The trend's still bullish, but the immediate push higher looks limited heading into the U.S. session.
⬤ There's a clear resistance band between $4,640 and $4,650 where price keeps getting rejected. This lines up with the top of the rising channel—sellers are clearly defending these levels. While there's potential for a move toward $4,690–$4,710, that's only in play if gold actually breaks through current resistance, not just bouncing around underneath it.
⬤ If we get a pullback, the sweet spot looks like $4,610, which matches the channel's midline and previous demand. Price has already bounced there during recent consolidations. Deeper support sits around $4,565, and as long as gold stays above these zones, the bullish case stays alive.
⬤ This setup matters because it shows a market catching its breath, not running out of steam. Gold's ability to hold higher levels while consolidating means buyers are still in the game. How price handles the $4,610 support and $4,640–$4,650 resistance will tell us where we're headed next. Holding above support keeps the uptrend intact, while a clean break above resistance opens the door to those higher targets.
Sergey Diakov
