Just checked the weekly close. Gold’s doing that thing again—you know the one. The weekly close above $2,650 was the first structural confirmation that the correction was over. That was the signal, plain and simple. Everything since has just been price working out the details, nothing more.
Now we’re sitting at $4,100 and change, watching for a retest of the highs. Current state? Bullish structure, short-term chop. Honestly, the levels matter more than the narrative right now, because narratives shift, but levels don’t lie.
So here’s what I’m tracking. $4,203 is near-term resistance. A clean H4 close above that? That opens the retest. Not a breakout in the traditional sense, just the door creaking open. Below that, we’re stuck in the mud.
Actually no, let me rephrase that—it’s not stuck, it’s coiling. There’s a difference. Coiling means it’s gathering energy. Stuck means nobody cares. And clearly, people care, given the volume we saw on Friday.
Anyway, I’m not overthinking it. The weekly structure says up, the daily momentum says up, and the hourly? Well, the hourly’s just being a diva, as usual. So I’m holding my longs, and I’ll add on that H4 close above $4,203. If we get a rejection instead, I’ll trim and wait. Simple as that.
What do you think—are you watching the same levels, or is your line in the sand somewhere else?