Marina Lyubimova
⬤ Gold is locked in a tight trading range between $4,660 and $4,670 as traders pause after the metal's recent surge. The market is watching whether XAU/USD can hold above the $4,670 mark on the hourly chart. Recent price action shows gold breaking above a descending trendline and forming higher lows—classic signs of building momentum.
⬤ The chart reveals a clean triangle breakout that launched gold sharply higher, followed by this current consolidation phase. Price remains tucked inside an ascending channel, with the latest dip finding buyers at a higher low. A noticeable price gap formed during the breakout, showing strong buyer appetite.
A confirmed hourly close above $4,670 would likely trigger a move toward the $4,680 to $4,700 resistance zone, according to the technical scenario, which lines up perfectly with the channel's upper edge.
⬤ The $4,650 level is the critical support to watch. The chart marks this as a key higher low within the current bullish structure. As long as XAU/USD stays above $4,650, the outlook remains positive even if it trades below $4,670. A drop through $4,650 would damage the bullish setup, though nothing in the current chart suggests that's imminent.
⬤ This consolidation matters because it's happening right after a confirmed trendline break and momentum surge. How gold behaves around $4,670 will likely decide whether it pushes toward $4,700 within the rising channel or stays range-bound short-term. Holding above support keeps the uptrend alive and confirms the broader bullish picture playing out on the charts.
Marina Lyubimova
