The 4-hour Gold Spot / U.S. Dollar (XAU/USD) chart illustrates a projected bullish market structure following a short-term corrective decline. Price is currently trading around the 4,717 level, with key support identified near 4,600 and major resistance positioned between 4,920 and 4,970.
The chart suggests that gold may first experience a temporary pullback toward the highlighted demand zone around 3,950–4,000 before initiating a strong bullish reversal. After this correction, the projected move indicates a significant upward rally, with price expected to break above the resistance zone and continue toward the long-term target near 5,800.
Overall, the analysis reflects a bullish outlook for gold in the medium to long term, with the green highlighted area acting as a critical accumulation and support zone for buyers.
The chart suggests that gold may first experience a temporary pullback toward the highlighted demand zone around 3,950–4,000 before initiating a strong bullish reversal. After this correction, the projected move indicates a significant upward rally, with price expected to break above the resistance zone and continue toward the long-term target near 5,800.
Overall, the analysis reflects a bullish outlook for gold in the medium to long term, with the green highlighted area acting as a critical accumulation and support zone for buyers.
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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.