Breaking the trendline - gold recovers above 4100

Jul 22

1. Trend Overview

Short-term trend: Strongly Bullish

Key signals:
Price has broken above the descending trendline that had been in place since the beginning of the month.
It has also broken out of a descending triangle / falling wedge pattern (the circled area on the chart).
EMA 9 = 4,096 is positioned above EMA 89 = 4,041, confirming bullish momentum.
RSI (14) = 79, indicating that the market is very strong but has also entered the overbought zone.

👉 Conclusion: Buyers are currently in control of the H1 trend. However, after such a steep rally, the probability of a technical pullback is relatively high before the uptrend continues.

2. Current Outlook

Gold is currently in a strong bullish phase following the breakout of a bearish structure. The higher-probability scenario is a short-term pullback toward 4,080, followed by a continuation move toward 4,176.
The current bullish structure would only be invalidated if an H1 candle closes below 4,020.

3. Resistance Levels

Immediate resistance: 4,137 – 4,140
Major resistance: 4,176 – 4,180

4. Support Levels

Immediate support: 4,077 – 4,080
Dynamic support: EMA 89 around 4,041 – 4,045
Strong demand zone: 4,020 – 4,030

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SELL GOLD zone : 4176 - 4179

SL : 4184

TP : 4160 - 4132 - 4105

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Jul 22

Trade active

Gold prices rose, recovering above 4100, with buying pressure accumulating above 4100.