Gold (XAUUSD) is trading around $4,252, pulling back slightly after an aggressive multi-week rally that pushed price to the $4,380 resistance, a new record zone that sellers quickly defended. The move has been one of gold’s steepest vertical climbs in years, driven by ongoing safe-haven demand, rate cut bets, and persistent geopolitical risks keeping the metal well-bid.
On the daily chart, gold has been riding a steep ascending trendline since late August, with higher lows forming a clean stair-step pattern. Price remains comfortably above the 50-day and 200-day SMAs, signaling that the broader trend is still bullish, though momentum looks overheated in the short term.
Immediate support can be seen near $4,020, followed by the $3,690 area, a previous consolidation zone that aligns with the short-term trendline. A clean break above $4,380 would open the path toward $4,500 and possibly $4,600, but failure to hold above $4,200 could spark a technical correction back to the $3,900–$3,700 region.
On the weekly chart, gold continues to trade in a clear long-term uptrend, extending far above both moving averages after breaking out of its multi-year consolidation near $3,200–$3,400.
Despite the short-term exhaustion, the structure suggests gold remains in a supercycle phase, one that could persist if inflation and global uncertainty continue to pressure real yields.
My Takeaway:
Gold’s rally looks extended but not done. Momentum may cool off, yet the structure favors more upside as long as $4,000–$4,020 holds. The metal could consolidate before the next leg higher, a healthy pause in an otherwise strong uptrend.