Gold Price Action: Trendline Break but Bulls Still in Control

Gold posted a fresh all-time high yesterday near 3790 before entering a healthy pullback phase after an extended intraday rally. The higher-timeframe structure remains constructive, with the market still maintaining its higher-highs and higher-lows sequence. However, price action has broken below the rising trendline support we discussed in yesterday’s update, signaling a short-term pause in momentum.

At the moment, gold is consolidating just above R2 (3754), which continues to act as an important intraday support. For bulls to regain momentum and extend the rally, price needs to break above the declining red resistance trendline and sustain above the 3790–3800 zone. A breakout here could open the door for further upside continuation.

On the other hand, a confirmed H4 close below 3750 could invite deeper profit-taking, with the 3700–3710 area (previous week’s high) remaining the key demand zone and primary downside support.

Overall, the broader trend remains bullish, but price action is currently in a consolidation phase. Watching for either a breakout above resistance or a close below 3750 will provide clarity on the next directional move.