This level of $4,400 was defined by strong support at 50-day SMA, which has introduced a strong rebound and taken the prices back above $5,000. The recent breakout above $5,100 is creating another bullish move, which may take the gold price towards $5,600.
Moreover, the RSI has landed above the mid-level and is trending higher. This RSI move indicates that gold will likely continue higher. Moreover, the 50-day SMA and 200 SMA are trending upward, which suggests a strong bullish trend in the gold market.
The short-term structure of gold also remains strongly bullish as the price has broken the ascending triangle pattern in December 2025. After the breakout from this triangle, the price surged higher towards $5,600. The recent correction has taken the price back to the $4,400 support.
However, 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 breakout after this consolidation, indicates that the gold price is likely to continue strongly upward.
