Gold Weekly Chart: The Most Important Level to Watch Right NowGoldOANDA:XAUUSDArthurshOn the weekly chart, price is once again testing the rising trendline that has supported every major pullback since October 2023. Each previous visit to this level attracted aggressive buyers and led to another leg up, making this one of the most important technical levels on the chart. Since peaking in March 2026, Gold has been correcting inside a falling wedge. While this pattern often appears after downtrends, it can also develop as a continuation pattern within a larger uptrend. In this case, the broader trend remains bullish, making a breakout from the wedge a potential signal that the primary uptrend is ready to resume. The last two weekly candles formed a “Double Tweezer Bottom”, a classic reversal pattern that suggests sellers are struggling to push price lower and buyers are beginning to defend this support zone. That said, the macro picture is far from one-sided. Higher Treasury yields, a stronger U.S. dollar, and investors rotating into technology stocks have weighed heavily on Gold, contributing to its weakest quarterly performance since 2013. Meanwhile, analysts at JPMorgan describe Gold as sitting in technical no-man's land, with markets caught between two competing narratives. The next major move will likely depend on which macro scenario plays out first: 🟢 Bullish: The Fed pivots toward rate cuts, the U.S. dollar weakens, and lower yields revive demand for Gold. 🔴 Bearish: Inflation remains stubborn, forcing the Fed to keep rates higher for longer or even hike again, supporting the dollar and putting additional pressure on Gold. If buyers can defend this long-term trendline and price breaks out of the falling wedge, Gold could be setting up for the next leg higher. But if this support finally gives way after holding for nearly three years, it would mark a significant technical shift and could open the door to a much deeper correction.