Gold continues to trade within a constructive technical framework after rebounding from 4,400 and establishing an upward channel defined by progressively higher lows, reinforcing the underlying bullish structure that has supported price stability in recent sessions. Yet momentum has stalled near 5,100, where repeated breakout attempts have failed as profit taking introduced persistent selling pressure, creating a clear tension between trend continuation and corrective risk.
This interaction between rising channel support and firm overhead resistance places market focus on downside reaction levels if short-term bearish control strengthens, with the lower boundary of the February channel near 4,900 representing the first technical cushion and a deeper support zone emerging around 4,640 should liquidation intensify.
For investors, the immediate signal remains conditional rather than directional, as the preserved sequence of higher lows sustains the broader constructive bias while rejection at 5,100 warns that upside conviction is not yet sufficient to extend the trend. The base case is continued consolidation within the established channel as the market tests demand near support, while the primary risk is a decisive move toward 4,640 that would weaken the current structure and delay bullish continuation.
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