Gold Uptrend Strengthens, New Expansion Phase BeginsOver the past week, gold has continued to advance in a very “textbook” manner. What stands out is not how far price has moved, but how it has moved: steady, controlled, and consistently supported by both technical structure and the macro backdrop. On the H4 chart, this is the type of bullish behavior traders like to see—impulse higher, shallow pullback, then continuation.
Gold started the week around the 4,370 USD/oz area, quickly reclaimed the 4,400 level, and more importantly, managed to hold above it for most of the week. Structurally, 4,400 is no longer acting as resistance; it has transitioned into a new support base, signaling that the market is accepting a higher price regime.
As price approached the 4,440–4,450 zone, profit-taking pressure emerged, leading to a brief pullback toward the 4,426 area. What I find particularly constructive is that this entire retracement did not damage the structure. Price never lost 4,400, and each dip was quickly absorbed by fresh buying interest. This behavior clearly reflects the current market state: buyers remain in control, while sellers are only strong enough to create short-term fluctuations, not a reversal.
By the end of the week, gold decisively broke above the psychological 4,500 USD/oz level and closed around 4,510. On the H4 timeframe, this was a relatively clean break-and-hold, suggesting the market is ready to operate at a higher range rather than merely staging a temporary breakout.
From a purely technical perspective, the uptrend remains firmly intact. Price continues to trade above the H4 EMAs, both of which are sloping upward. Pullbacks are not breaking prior lows, and key support zones—most notably 4,450–4,470, and deeper at 4,400—remain valid. With this structure, I see no meaningful signs of weakness in the medium-term trend. If anything, the market looks like it is undergoing a brief re-accumulation phase ahead of the next leg higher.
This price action aligns well with the macro narrative. After the NFP report came in broadly in line with expectations, markets have maintained the view that the Fed is unlikely to re-tighten policy aggressively, easing rate-related pressure on gold. At the same time, central bank gold demand remains strong, geopolitical risks have not faded, and the US dollar continues to face longer-term pressure from monetary and fiscal dynamics. Together, these factors provide a sufficiently solid macro foundation to support the current bullish trend in gold.
