Gold breaks above the upper boundary of its recent trading range, triggering a renewed bullish signal.

Gold extended its advance from the $4850 zone, establishing a higher base and marking a fourth consecutive day of gains, as prices climbed to their highest level since January 30 in early Monday trading.

A renewed wave of safe-haven demand was triggered after the US Supreme Court invalidated all of former President Trump’s tariffs, adding pressure on the US dollar and heightening market uncertainty. Ongoing geopolitical tensions further reinforced demand for the precious metal.

The technical outlook improved significantly following Friday’s close above $5100, the former ceiling of the recent trading range. The metal has also posted consecutive weekly closes above $5000, a key psychological threshold that aligns with the 50% Fibonacci retracement of the $5598/$4402 decline.

On the daily chart, a bullish crossover between the Tenkan-sen and Kijun-sen lines adds to the positive technical structure. However, fading upside momentum and overbought stochastic conditions suggest that bulls could encounter near-term resistance.

Given the prevailing fundamental backdrop, buyers are expected to retain control, with consolidation phases or shallow pullbacks ideally holding above $5100, now acting as support. Such price action would provide a stronger platform for renewed upside acceleration toward $5200 and $5300, with $5363 — the upper 20-day Bollinger Band — emerging as the next technical target on an extended move.

Res: 5176; 5200; 5300; 5363
Sup: 5100; 5080; 5053; 5000