Gold traded around $4,317 on September 23 after touching an all-time high near $5,602 back in January, and the market's structure tells the story. The $4,300 high line clears easily at 84% because price already sits above it, while $4,400 at roughly 27% is the live question for the rest of the month. On the downside, a $4,200 low prints at 46%, meaning the market sees real odds of a pullback through current levels before month-end. Rising Treasury yields and a firmer dollar have been leaning on the metal, and a hawkish Fed read cuts against fresh highs. The sharp trade is less about direction than about which threshold breaks first.
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