GOLD, Initial Relief-Rally To Emerge, Important Zones!

Hello Traders Investors And Community,

Welcome to this analysis about GOLD on the 4-hour timeframe perspectives. As already mentioned in the former analysis on the more global perspectives of 12-hours or higher GOLD is within this massive descending-channel-formation in which it is likely to test the remaining resistances and after that move on with its downtrend in the structure. Now as I detected in my analysis on the more local 4-hour timeframe GOLD moved into important support zones and the structure is indicating a relief-rally to test the remaining resistances which is also confirming the assumption of the broader perspectives, therefore I detected all the important levels and likely destinies we should consider with GOLD in the next times.

As when looking at my chart now we can watch there how GOLD has bounced firstly from this ascending-trend-line marked in black where GOLD had important supports before and now bounced there again, furthermore GOLD moved into an overbought condition and also has horizontal support lying within this structure at the 1770 level. Taking these factors into consideration GOLD has the ability to first show up with bounces here which will test the descending-trend-line marked in grey in my chart. When then GOLD is strong enough and bullishness can increase further this can lead to a breakout above the descending trend-line and such a breakout will be the activation for GOLD to test the further remaining resistance at 1810 as marked in my chart.

Now when GOLD manages to form these movements and develop the breakout to test the major resistance this does not mean GOLD is completely bullish as already suggested there is still this overall bearish tendency on the more global term. This is why it will be extremely important on how GOLD approaches this strong remaining resistance and how it follows up from there, when a strong pullbacks sets in this has the possibility for GOLD to take up the downtrend again which should not be underestimated. However, till then we should keep patient and elevate the final destinations before rushing into trades that do not satisfy as this is an important virtue for a trader and distinguishes real trading from mere speculation.

In this manner, thank you for watching my analysis about GOLD and the upcoming relief rally we should expect; will be great when you support it with a like and follow or comment, great contentment for everybody supporting, all the best!
"The high destiny of the market is to explicate, rather than to speculate."

Information is only educational and should not be used to take action in the market.

Comment:

GOLD Has Formed A Bear-Trap Below The 1760 Level And Snapped Back Into The Range In Which The Relief-Rally Is Now Likely To Fully Emerge In The Next Times.

Comment:

ANALYSIS UPDATE: GOLD continued to complete the major prevalent wave count, especially the wave B to bounce and move into the final wave C target zones.