Waiting for the adjustment to complete. Continue to push upwards
On Monday, gold prices gapped higher, opening above $5090, repeatedly breaking through market expectations. The focus now shifts to the Federal Reserve's January interest rate decision. A rate cut is unlikely at this time, given that Powell is embroiled in legal issues and only has three months left in his term. A significant or dramatic rate cut is improbable; the appointment of a new chairman and their policy stance will be key.
On the 1-hour chart, gold opened higher and continued to rise before entering a consolidation phase. Short-term moving averages are trending upwards, and the correction was relatively limited. After touching the intraday low of $5013 per ounce, the price rebounded quickly, demonstrating strong buying support. The Bollinger Bands are widening, maintaining the characteristics of an upward trend, with the price trading above the middle band, which acts as dynamic support. There is no sign of weakness or a break below the middle band.
In terms of momentum indicators, the MACD indicator shows a continued bullish crossover, although the red energy bars have slightly contracted, reflecting a short-term slowdown in bullish momentum – a rhythmic adjustment within an upward trend, not a sign of momentum exhaustion. The RSI is in the 60-70 range, not yet reaching extreme overbought levels, indicating some technical room for further upward movement. Overall, the upward channel on the 1-hour chart remains intact, and the consolidation is accumulating momentum for the subsequent trend. No obvious bearish volume signals appeared during the pullback.
The technical structure shows high-level consolidation within the $5100 range. In the short term, the direction of gold is still predominantly bullish, and a break above $5090-$5100 would further propel the price upwards.I will post more strategies in the channel.
source https://www.tradingview.com/chart/XAUUSD/NlilHgFc-Waiting-for-the-adjustment-to-complete-Continue-to-push-upwards/
source https://www.cryptomadden.com/2026/01/waiting-for-adjustment-to-complete.html
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