Channel suppression can’t stop the bullish momentum! Multi-period resonance looks bullish—gold may be poised to break the top and set new highs
Many friends get nervous when they see the gold price pull back. They feel like the bullish trend might be completely over.
In fact, during an uptrend, you often see quick dips and rapid pullbacks—so-called “shakeout” moves—especially designed to push people out. Taking a look at the daily, weekly, and 4-hour charts, let’s talk about the overall trend right now and the key price levels to watch in the short term.
First, the big-picture situation:
On the daily chart, although price is still under pressure from the trend channel, based on the chart signals, this pressure is very likely not to hold back the upward move. The daily indicators forming a pullback then crossing bullish (golden cross) is often a signal that price is preparing to challenge new highs.
Next, the weekly chart:
The weekly indicators have maintained a continuous golden cross. As long as the weekly golden-cross condition remains, the broader uptrend won’t weaken instantly.
Overall, the market is still dominated by bulls. While there is pressure above from the daily channel and the weekly mid-band, multiple indicators across different timeframes are crossing bullish at the same time. That makes it highly likely that price will consolidate upward and eventually break through the pressure. Focus on two levels: around 4490, and the daily trend channel’s resistance.
Now let’s discuss how to read today’s short-term setup:
After the daily stochastic indicator pulls back and forms a golden cross, it still has the momentum to push toward new highs. The short-term approach should continue to follow the bulls.
On the 4-hour chart, last week’s price briefly smashed below the lower Bollinger Band, but it didn’t fall through. It quickly pulled back, which shows strong buying support below—so the overall picture remains bullish.
The first short-term support to watch is around 4385. The more important defensive level lower down is at 4335.
So for today’s operations, prioritize trading with the trend: look for the 4385 support on the pullback, with the target being a refresh of the prior high.
Here’s a very critical point to share:
Multiple timeframes are currently aligned and pointing bullish. The big structure is mainly about going long, with short-selling as secondary. During the upward process, price often goes back and forth, including pullback corrections and brief spikes that pierce support—another kind of shakeout. As long as price does not break into sustained bearish decline and continues shaking downwards in a steady way, the large bullish structure has not been broken.
Some pullbacks look like they’re dropping aggressively, but in reality they’re just shakeouts along the way up. Don’t let short-term violent fluctuations distract your thinking. Follow the main prevailing trend, and you’re less likely to make major mistakes.
Many friends get nervous when they see the gold price pull back. They feel like the bullish trend might be completely over.
In fact, during an uptrend, you often see quick dips and rapid pullbacks—so-called “shakeout” moves—especially designed to push people out. Taking a look at the daily, weekly, and 4-hour charts, let’s talk about the overall trend right now and the key price levels to watch in the short term.
First, the big-picture situation:
On the daily chart, although price is still under pressure from the trend channel, based on the chart signals, this pressure is very likely not to hold back the upward move. The daily indicators forming a pullback then crossing bullish (golden cross) is often a signal that price is preparing to challenge new highs.
Next, the weekly chart:
The weekly indicators have maintained a continuous golden cross. As long as the weekly golden-cross condition remains, the broader uptrend won’t weaken instantly.
Overall, the market is still dominated by bulls. While there is pressure above from the daily channel and the weekly mid-band, multiple indicators across different timeframes are crossing bullish at the same time. That makes it highly likely that price will consolidate upward and eventually break through the pressure. Focus on two levels: around 4490, and the daily trend channel’s resistance.
Now let’s discuss how to read today’s short-term setup:
After the daily stochastic indicator pulls back and forms a golden cross, it still has the momentum to push toward new highs. The short-term approach should continue to follow the bulls.
On the 4-hour chart, last week’s price briefly smashed below the lower Bollinger Band, but it didn’t fall through. It quickly pulled back, which shows strong buying support below—so the overall picture remains bullish.
The first short-term support to watch is around 4385. The more important defensive level lower down is at 4335.
So for today’s operations, prioritize trading with the trend: look for the 4385 support on the pullback, with the target being a refresh of the prior high.
Here’s a very critical point to share:
Multiple timeframes are currently aligned and pointing bullish. The big structure is mainly about going long, with short-selling as secondary. During the upward process, price often goes back and forth, including pullback corrections and brief spikes that pierce support—another kind of shakeout. As long as price does not break into sustained bearish decline and continues shaking downwards in a steady way, the large bullish structure has not been broken.
Some pullbacks look like they’re dropping aggressively, but in reality they’re just shakeouts along the way up. Don’t let short-term violent fluctuations distract your thinking. Follow the main prevailing trend, and you’re less likely to make major mistakes.