Gold (XAUUSD) is on a bullish run, maintaining its upward momentum above the $5,000 mark. This surge is primarily due to the strong support at the 50-day Simple Moving Average (SMA), which has facilitated a robust rebound, pushing prices back above $5,000. The recent breakout above $5,100 is creating another bullish move, potentially taking the gold price towards $5,600. But here's where it gets controversial... While the RSI has landed above the mid-level and is trending higher, indicating a likely continuation of the upward trend, the short-term structure of gold also remains strongly bullish. This is due to the price breaking the ascending triangle pattern in December 2025, which led to a surge towards $5,600. However, the recent correction has taken the price back to the $4,400 support level. Despite this, the gold price has found support at $4,400 and is showing strong bullish price action. The strong consolidation between $4,770 and $5,100, followed by the breakout after this consolidation, suggests that the gold price is likely to continue its upward trajectory. So, what do you think? Do you agree or disagree with this analysis? Share your thoughts in the comments below!
