Gold Reclaims Momentum Near Key Resistance
Date: 23 February 2026
Overview
As February comes to a close, gold is showing positive momentum, trading at its highest levels for the month. This is significant considering the aggressive sell-off that occurred at the end of January, which negatively impacted short-term market sentiment.
Technical Analysis
From a technical standpoint, gold has formed an ascending triangle pattern. This pattern is typically seen as a continuation signal following an established uptrend. However, in this case, it has emerged after a corrective downswing, which alters its interpretation but does not invalidate the pattern itself.
Key Levels
The critical level to watch is the horizontal resistance that forms the upper boundary of the triangle. Currently, gold is attempting to break above this resistance. A successful daily close above this level would trigger a buy signal, potentially leading the market to retest previous all-time highs.
Bearish Scenario
Conversely, the lower boundary of the triangle is also vital. A break below this rising support line would invalidate the ascending triangle pattern, resulting in a sell signal and indicating that the recovery attempt has failed.
Market Sentiment
At present, the momentum appears to favor buyers. The ongoing breakout attempt suggests that as long as gold maintains levels above the former resistance, the sentiment remains positive, with the potential for further upside towards record levels.