Comex are approaching a technical inflection point as price action gravitates toward the 20-day simple moving average, an area that has historically attracted renewed buying interest during consolidation phases. The upward slope of the 50-day simple moving average continues to reinforce underlying trend stability and provides a secondary layer of downside support, even as near-term bullish momentum shows signs of moderation.
Market positioning, therefore, reflects a transition from acceleration to balance rather than a structural reversal, with the $4,800 per ounce threshold remaining the decisive level that separates continuation from deeper correction. Spot gold trading 0.7% higher at $4,956.89 per ounce indicates that buyers are still defending this technical structure despite slowing upside velocity.
For investors, the interaction between price and these moving averages now defines the short-term outlook more clearly than directional momentum alone. A sustained hold above $4,800 would preserve the constructive trend profile and keep rebound potential intact as technical buyers reengage near support.
Failure to maintain this zone would shift focus toward whether the rising 50-day average can absorb selling pressure and prevent a broader retracement. The base case assumes continued consolidation above support with gradual stabilization in momentum, while the primary risk is a decisive break below $4,800 that would weaken the current bullish framework and delay recovery timing.
