Alex Dudov
⬤ Gold (XAU/USD) clawed its way back above a critical two-month ascending trendline after getting hammered lower and staging a comeback. The metal successfully reclaimed the support line it briefly lost during the recent correction, stabilizing around the $4,880 zone. The chart shows price recovering above this rising support after temporarily breaking below it during the sharp pullback.
⬤ The bounce came after a violent drop from recent highs that created serious volatility before buyers showed up near the trendline. Price then steadied around the reclaimed support near $4,880. While the recovery was strong enough to get back above the rising structure, it hasn't shown explosive upside momentum yet – suggesting a more controlled grind higher rather than a rocket ship move.
⬤ Technically, the rising trendline is holding and remains the key reference point for where gold heads next. Recent candles show consolidation just above this support instead of an immediate push toward new highs. This price action fits with expectations of a slower climb higher as the market digests the recent volatility and figures out its next direction. The chart structure suggests downside pressure has backed off, but confirmation of renewed bullish momentum is still taking shape.
⬤ This matters for the broader market because gold typically reflects shifts in risk appetite, dollar strength, and macro uncertainty. Successfully holding above rising support can calm nerves after a sharp correction and reduce immediate downside risk. That said, smart money will be watching closely to see if gold can hold this level – sustained action above the trendline could set up the next directional move in precious metals.
Alex Dudov
