FX.co ★ Melsiafy | XAU/USD, GOLD

Gold is currently trading around the 5,160 area, and when observing the 1H chart closely, it becomes clear that price action is moving within a well-defined ascending channel that has been respected for several sessions. This channel reflects a controlled bullish structure rather than an impulsive rally, suggesting that buyers are still in control, but momentum is becoming more selective near higher levels. From a structural perspective, the most important feature on the chart is the strong demand zone highlighted in red, located roughly between 4,650 – 4,720. This zone previously acted as a consolidation base before the bullish expansion began. The clean reaction from this area confirms it as a major institutional accumulation zone, and as long as price remains well above it, the broader bullish structure stays valid. After leaving that demand zone, gold formed a sequence of higher highs and higher lows, respecting the lower boundary of the rising channel perfectly. Each pullback toward the channel support was met with buying pressure, which reinforces the idea that this trend is structurally healthy, not random. Currently, price is trading near the upper half of the channel, slightly below a recent swing high around 5,200 – 5,230, which now acts as a key resistance area. This level coincides with previous rejection wicks, making it a short-term supply zone where sellers may attempt to slow the move. Key Levels to Watch Resistance Zones: 5,200 – 5,230: Immediate resistance and recent high 5,280 – 5,300: Upper channel projection and psychological resistance Support Zones: 5,080 – 5,100: Minor intraday support and prior breakout area 4,980 – 5,000: Mid-channel support and structural pullback zone 4,650 – 4,720: Major demand zone and trend invalidation level Indicator Analysis Looking at the RSI, it is hovering around the mid-to-upper range without entering extreme overbought conditions. This indicates that momentum is still positive but cooling slightly, which aligns with the idea of consolidation rather than immediate continuation or reversal. The MACD shows a recent bearish histogram contraction, suggesting short-term momentum slowdown. However, the main signal lines remain above the zero line, which supports the idea that this is a corrective pause within an uptrend, not a trend reversal. Volume behavior remains relatively stable, with no aggressive selling pressure, reinforcing the neutral-to-bullish outlook as long as structural supports hold.

Conclusion Gold remains technically bullish within a clearly defined ascending channel, but price is currently at a sensitive resistance zone where short-term reactions are expected. A clean break and hold above 5,230 would open the door for continuation toward higher channel targets. On the other hand, a pullback toward 5,080 or 5,000 would be considered healthy as long as price remains above the channel support. Overall bias remains neutral to bullish, with patience required near current levels and confirmation needed before committing to directional trades.