Gold prices reached a high of $4059.31 today, pushing toward the topside channel trendline that currently cuts across near $4070 and is trending higher. Earlier in the session, the market briefly tested that upper boundary but failed to break through, prompting a modest pullback. The move highlights the importance of this channel resistance as a near-term hurdle for buyers attempting to extend the bullish run.On the downside, the lower channel trendline, which now comes in around $4009 and is also rising, serves as the first area of defense for buyers. If sellers take profit and manage to push price below this line, it would represent a small but meaningful victory in what has otherwise been a consistent uptrend. That said, as long as the market remains above the lower trendline, buyers retain firm control and upward momentum could easily accelerate on any renewed push higher.In trending markets, overbought conditions alone are not enough to reverse the bias. Sellers need to win a battle at a key technical level to shift the narrative. A break and sustained move below the lower channel line would give sellers confidence and force buyers to pause. Until that happens, however, the trend remains firmly in the hands of the bulls, with upside momentum continuing to dominate. This article was written by Greg Michalowski at investinglive.com.