Alex Bobrov
⬤ Gold's been stuck in neutral lately, bouncing between some pretty clear levels. Right now, XAU/USD is trading below its upper range boundary while holding steady above mid-$4,580s support. The $4,615-$4,619 zone keeps pushing price back down, while $4,585 is doing its job as a floor. Nothing dramatic happening yet—just back and forth within these boundaries.
⬤ Looking at the chart, there's actually more going on under the hood than you might think. Inside this bigger range, there's a triangle pattern forming, which usually means something's about to give. Yesterday's high near $4,623 marks the top of recent action, and every time price dips to the lower zone, buyers step in. It's classic range-bound behavior—no real conviction in either direction yet.
⬤ Here's where it gets interesting: if gold breaks below that $4,585 support, things could shift pretty quickly. That would likely flip the current channel structure, especially if we see heavier volume come in. The chart points to a downside gap around $4,510 as a potential target, with $4,523 as a pit stop along the way. Don't sleep on that lower gap zone—once support cracks, momentum tends to pick up fast.
⬤ Why does this matter? Because after days of going nowhere, gold's getting close to making a real move. Whether it breaks up or down from here will tell us if we're staying stuck in this range or heading into something bigger. How price handles these levels over the next few sessions should give us a clearer picture of where things are headed next.
Alex Bobrov
