Saad Ullah
⬤ Gold is sitting inside a tight descending triangle on the XAUUSD chart after some choppy trading lately. Right now, 4800 is holding as support while price keeps bumping into lower resistance levels on each bounce.
⬤ The pattern shows a series of lower highs forming the triangle's upper boundary, but buyers keep stepping in around 4800 to defend that floor. If that support cracks, the next levels to watch are 4600 and 4500—both marked as important zones earlier this week. A clean break below 4600 would confirm sellers are back in control.
⬤ "The 4800 level is currently acting as immediate support while price compresses beneath falling resistance."
⬤ On the flip side, if gold pushes above 4941, the triangle setup breaks down entirely. That would clear the path for a run back toward 5000, since the downward pressure from the pattern would be invalidated.
⬤ Gold is basically stuck at a technical crossroads. How it reacts around 4800 and 4941 will determine whether we see a breakdown continuation or a shift back toward recent highs.
Saad Ullah
