Saad Ullah
⬤ Gold is holding firm in a strong uptrend, trading around $5,080 while respecting a long-standing ascending channel on the daily chart. The pattern shows consistent higher highs and higher lows, with rounded consolidation phases forming at regular intervals. These bases have repeatedly developed near the lower half of the channel before buyers pushed price higher again.
⬤ The rounded consolidation patterns signal healthy trend digestion rather than reversals. Each time gold paused to consolidate, it built strength near channel support before resuming its climb. This orderly price behavior shows buyers remain engaged and willing to defend key levels as the uptrend unfolds.
⬤ Price is now advancing toward the channel's upper boundary near $5,200, which serves as the next structural reference point. Gold remains above both the lower channel line and the mid-channel guide, keeping momentum aligned with the established upward structure that's been in place for months.
⬤ This setup matters because rounded bases within an ascending channel typically indicate trend stability. Continued movement toward the $5,200 upper boundary would confirm the bullish structure stays intact, while any break outside the channel would signal a meaningful shift in market dynamics. For now, gold operates within a clearly defined upward framework.
Saad Ullah
