Gold is currently trading within a well-defined ascending channel, showing a clear structure of higher highs and higher lows ā a strong indication of sustained bullish momentum. After a sharp rejection from lower levels, price has stabilized and continued respecting the upward trendline, confirming buyer control in the market.
At the moment, Gold is approaching a key resistance zone around the 4,600ā4,650 area. This level has previously acted as a supply zone, causing short-term pullbacks. However, the current price action shows strong bullish pressure, with consecutive higher closes and impulsive moves toward resistance.
If Gold experiences a minor pullback from this zone, it is likely to find support within the channel or near the mid-range demand area. As long as price holds above these support levels, the overall bullish structure remains intact.
A successful breakout above the resistance zone could trigger the next leg higher, with potential targets near the 4,700 level and beyond. This suggests that any short-term retracement may offer buying opportunities, rather than signaling a full trend reversal