They say a picture is worth a thousand words. Take a look at the WatchGold 3-month Spot Gold/DXY (USD) chart below.

After several months of consolidation, sharp selloffs, and headline-driven volatility, gold looks increasingly like it may be getting ready to resume its rally. The Iran crisis began at the end of February 2026. Take a look at how gold has performed over just the past three months despite the continued uncertainty and constant flow of geopolitical headlines.

As everyone who follows my commentary knows, I have repeatedly emphasized patience during this period. Headline-driven markets can produce sharp moves in both directions, and trying to anticipate every geopolitical development is nearly impossible.

However, I am liking what I am seeing. Gold has absorbed a tremendous amount of news and volatility, consolidated, and is beginning to show signs of renewed strength. The relationship with the U.S. dollar is particularly interesting, which you can clearly see in the WatchGold chart below.

Is gold getting ready for the next leg higher? Please let me know what you think.