I just reviewed the gold charts from the past few months, and honestly, when gold rises, the technical patterns that appear are quite interesting. Throughout 2025, the metal had an impressive rally, reaching around $4,300 per ounce towards the end of the year, something that a year ago would have seemed impossible.

The curious thing is that when gold rises to these levels, there’s usually a combo of factors working in favor. This year, we saw a weakening dollar, expectations of rate cuts by the Fed, and significant institutional demand through ETFs. Additionally, central banks kept buying, especially China. That keeps the floor quite firm.

Looking back, the movement started gaining strength in March when it broke above $3,000 for the first time. From there, it was practically a staircase upward, with some technical pauses but no change in the trend. When gold rises this way, it’s because there are underlying geopolitical tensions, trade uncertainty, and investors seeking refuge.

Technically speaking, the RSI was in overbought territory several times, but that didn’t stop anything. The levels to watch now are $4,400 as the main resistance and $4,200 as support. If it breaks upward, the next target would be $4,500.

What I find relevant is that when gold rises, many analysts say it’s a “defensive investment,” but in 2025, it coexisted perfectly with the crypto and stock rally. That’s something that didn’t happen before. Central banks continue buying, so it seems that structural demand will keep supporting prices in the coming months, especially if there’s more geopolitical noise or if the Fed finally starts cutting rates for real.