Eseandre Mordi
⬤ Gold is closing in on the psychologically critical $5,000 level following a strong rebound from recent lows. Market focus has shifted to whether XAU/USD can kick off the week with a gap higher and push through this key threshold. The 30-minute chart shows gold stabilizing after a brief correction, keeping its upward structure intact despite some short-term pullbacks.
⬤ The chart reveals gold climbed from around $4,810 toward $4,930 before entering a controlled pullback phase. Price briefly tested the $4,880 zone—identified as a limit correction position—then reversed higher. Key technical levels include resistance near $4,987 and support around $4,952 and $4,882. This pattern shows buyers are stepping in on dips, keeping the short-term trend alive.
If gold opens higher, a breakout above $5,000 becomes increasingly likely, with next targets in the $5,030 to $5,050 range.
⬤ Two scenarios are in play: a higher open could trigger a breakout above $5,000, targeting the $5,030–$5,050 zone based on the chart's projected path. On the flip side, a deeper correction remains possible, with potential pullback levels between roughly $4,690 and $4,950—though this looks less likely given current momentum.
⬤ The $5,000 level matters because it's both a psychological barrier and a technical decision point. A clean break above would strengthen the bullish case, while failure to push through could spark short-term consolidation. With price holding above recent support and momentum still positive, how gold behaves around $5,000 will likely set the tone for the sessions ahead.
Eseandre Mordi
