Gold still has a long-term bullish structure on higher timeframes, with key support zones forming a base for a potential extension toward $5,800.
The price of gold (XAU/USD) is around $5,150 and remains strong after a significant rally at the start of the year. The metal is currently consolidating slightly below its recent highs.
At press time, the asset is trading at approximately $5,151.60, representing a decline of about 0.40% over the past 24 hours.
Daily Timeframe Shows Higher-High Structure
According to the data from TradingView, Gold remains in a strong macro trend due to trading above both the 50 MA located near $4845 and the 200 MA located below (three) $3987- a large bullish structure.
Recently, price failed to break above the $5500 level and has found support above the $51000 level, where it is building a short trading range underneath the resistance of $5160.
A strong daily close above this level will provide upward momentum towards $5600 and projected $5800. Buyers remain actively accumulated by rising on-balance volume (OBV) despite short-term volatility.
Also Read: Gold Builds Momentum for Record High Run Toward $5,800
Social Momentum Aligns With Technical Breakout Narrative
Social media sentiment on gold is very bullish, with a recent article from market analysts Ali Charts saying “gold pushing toward $5800” continues to support overall bullish narratives forming on social platforms.
The analysis shows that if the asset maintains a price above the $4888 support cluster, then the overall bullish trend will remain. Strong breakout above $5160 creates the potential for a larger March upside move toward $5800.
In conclusion, according to momentum indicators and volume structure, the overall trend is still in place, although there is a period of consolidation at this point in time.
If the upper resistance is not taken out decisively, the range consolidation before the impulsive move upward will continue
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