Usman Salis
⬤ Spot gold is trading near $4,390, up 1.34% today, and still holding above the middle of its rising channel on the daily chart. Even after Monday's correction, XAU is respecting the uptrend that's been running since late 2024. The pullback didn't break the structure—price is still moving higher within well-defined boundaries.
⬤ The chart shows multiple touches near the upper channel line around $4,600, where rallies have paused before. Gold's range runs from roughly $3,600 at the bottom to above $4,600 at the top. Despite some wild swings, the overall direction keeps pointing up. The channel has stayed intact through the entire climb.
⬤ Today's session saw gold hit an intraday high of $4,391.91 and a low of $4,323.42 before closing near $4,390.58. That bounce back helps keep the bullish picture alive. XAU is trading in the upper half of its long-term range, showing the trend still has legs even after the recent shakeout.
⬤ The rising channel matters because it shows momentum is still intact. As long as gold stays inside these boundaries, the uptrend remains in play. Traders will be watching how XAU reacts at the channel edges going into 2026—those spots tend to set the tone for what comes next in precious metals.
Usman Salis
