The rebound in gold prices below 4120 was not weak, especially after breaking through the resistance at 4174. However, the moving average alignment has not yet turned bullish, and the price has not firmly stabilized above 4170; additionally, trading volume has leveled off following a recent surge.
On the 4-hour chart, the MA/EMA20 moving averages and Bollinger Bands are still exerting downward pressure, so if we want to be bullish in the short term, we need to wait for the price to complete a substantial breakout. Following a "double-bottom" pattern and a subsequent retest that validated the neckline support, gold has risen again. This indicates that the 4-hour bottom structure remains intact. As long as this structure holds, bullish momentum is likely to continue building. During the US trading session, the strategy remains to buy on dips, specifically within the 4120–4130 support zone.
Strong resistance to the upside lies in the 4195–4200 range, with the market currently tending toward range-bound oscillation. Key support levels to watch are in the 4150–4120 zone. Buying opportunities remain valid if the price pulls back to this support range, especially given recent fundamental developments that provide bullish support, suggesting the upward trend could extend further.
On the 4-hour chart, the MA/EMA20 moving averages and Bollinger Bands are still exerting downward pressure, so if we want to be bullish in the short term, we need to wait for the price to complete a substantial breakout. Following a "double-bottom" pattern and a subsequent retest that validated the neckline support, gold has risen again. This indicates that the 4-hour bottom structure remains intact. As long as this structure holds, bullish momentum is likely to continue building. During the US trading session, the strategy remains to buy on dips, specifically within the 4120–4130 support zone.
Strong resistance to the upside lies in the 4195–4200 range, with the market currently tending toward range-bound oscillation. Key support levels to watch are in the 4150–4120 zone. Buying opportunities remain valid if the price pulls back to this support range, especially given recent fundamental developments that provide bullish support, suggesting the upward trend could extend further.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.