Gold continues to trade in a well-defined long-term uptrend. The recent pullback should be viewed as a healthy corrective phase following a near-vertical advance, rather than a trend reversal.
Price remains inside the rising acceleration channel, which confirms that the broader bullish structure is intact.
After strong impulsive movement, markets often cool through consolidation or controlled pullbacks. This phase helps reset momentum and typically shakes out weak positions before the next directional move.
Key Levels to Watch
Major Base Support:
USD 5,050 – 4,950
This zone represents a strong demand area formed by prior consolidation and channel support. As long as price holds above this region, the bullish structure remains valid.
Immediate Support:
USD 5,250 – 5,200
A short-term reaction zone where price may pause or consolidate.
Upside Resistance / Supply:
USD 5,550 – 5,600
This zone aligns with the upper band of the rising channel and may act as near-term resistance.
Conclusion
The broader trend in Gold remains bullish. Current price action reflects consolidation within an ongoing uptrend. Only a decisive daily close below the base support zone would question the bullish structure. Until then, dips should be seen in the context of trend continuation.
https://www.tradingview.com/chart/XAUUSD/DpI9d16u-Gold-XAUUSD-Structure-Update/
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