Usman Salis
⬤ Gold delivered impressive intraday performance, climbing roughly 2% and approaching the 4,440 level on the hourly chart. The rally was backed by short-term moving averages, showing sustained upward momentum rather than a quick spike. Price action continued building on the existing trend with consistent buying pressure throughout the session.
⬤ The chart shows a clear pattern of higher lows and higher highs, with gold staying comfortably above key moving averages. Earlier consolidation phases gave way to fresh upside moves, letting prices climb without significant pullbacks. This structure indicates steady buying interest as XAU trends higher within a well-defined technical pattern.
⬤ Gold's advance developed through gradual continuation rather than sudden jumps. The pullbacks on the chart were shallow and quickly absorbed, keeping the broader uptrend intact. Limited downside pressure during recent consolidations shows XAU holding firmly above near-term support levels.
⬤ This matters because gold often reflects broader market positioning during sustained directional moves. The current orderly advance in XAU could influence expectations across commodity markets as momentum holds. With gold trading near session highs following solid gains, traders are watching whether the trend continues through steady consolidation and incremental expansion.
Usman Salis
