Lingrid | GOLD Weekly Analysis: Consolidation Within UptrendOANDA:XAUUSD market remain trapped in volatile sideways action within a broad consolidation range, following the recent strong rally. Despite the current noisy price behavior, the underlying longer-term bullish momentum remains intact.
Higher timeframe reveals critical technical levels, with gold testing the resistance zone around after breaking above the upward channel. The triangle pattern breakout suggests potential for higher targets, though the market is currently experiencing a corrective pullback near the $3,300 support level. The presence of multiple resistance tests indicates strong institutional interest at these elevated levels.
The 4H chart provides broader context, showing the A-B-C corrective structure from the June highs. The market appears to be forming a potential ascending triangle pattern, with the June high serving as key resistance. The current consolidation between the June high and low suggests accumulation before the next directional move.
Key levels to watch include the $3,300 support zone and the $3,400 resistance area. A decisive break above resistance could trigger another leg higher toward $3,500, while failure to hold support might see a retest of the $3,200 level. The overall structure suggests this consolidation is part of a larger bullish continuation pattern.
If this idea resonates with you or you have your own opinion, traders, hit the comments. I’m excited to read your thoughts!
