Gold Is Coiling for a Monster Move: Breakout to New Highs

Gold looks bullish because price has been forming an ascending triangle, which is a classic continuation pattern that often leads to an upside breakout. The chart shows a series of higher lows, meaning buyers are consistently stepping in earlier each time the market dips. At the same time, price keeps returning to the same horizontal resistance level without creating lower highs, which suggests that sellers are gradually losing strength.

As the market compresses toward the apex of this triangle, it reaches a critical decision point. A clean break above resistance would confirm the pattern and likely send price toward a retest of the all-time highs. This aligns well with your overall bullish sentiment, since the structure shows tightening momentum in favor of buyers.

If the rising trendline fails, the pattern would break down and a deeper pullback could follow, but the prevailing trend and current structure still lean toward strength. Overall, the chart supports the idea that gold is on the verge of a significant move, with the pressure building in favor of an upside breakout.