– Liquidity ease or decline?

On the 2-hour chart, gold prices continue to trade within a clear ascending channel and form a flat high-low pattern. The support trendline remains intact, with a bullish bias in the short-term.

However, price is now entering a sensitive area where components, resistance and liquidity are beginning to converge.

1) Market structure: Bullish – but key levels must be held

As long as the recent highs are protected, the bullish structure remains valid.

The 5,217 level is currently testing as major resistance and a potential retest buy zone. This is a critical area that requires monitoring and confirmation.

If the price continues above 5,217, the bullish continuation scenario remains valid.
However, repeated rejection of this level could be a sign that momentum is slowing.

2) Key support and resistance levels
Resistance/Decision Zone

5217: Strong resistance and current retest area.

5,390 – 5,400: The potential supply zone is aligned with the upper border of the channel, above which liquidity is stagnant.

structural support/protection

5,145: Structural assertion level. A clear close below this area would weaken the bullish structure in the second hour.

5,093: An area of ​​strong support and potential liquidity pools in the event of a deeper correction.

3) SMC/ICT perspective: Where is the liquidity?

In an active ascending channel, it is common for the price to rise to clear the liquidity settled above it before deciding whether to hold or allocate.

The 5,390-5,400 area becomes particularly important as it may attract liquidity and trigger stronger reactions such as rejection or short-term distribution.

Rather than expecting a reversal prematurely, it is better to continue to pay attention to the price action in the supply area.

4) Possible situations
Bullish continuation (structure remains strong)

The price remains above 5,217.

The expansion is converging towards the 5,390 – 5,400 liquidity zone.

Correct the scene (break the structure)

A close significantly below 5,145 would indicate structural weakness.

The next lower target could be support at 5,093.

Overall, the trend in the second hour remains bullish, but prices are approaching liquidity-sensitive areas. The reaction at 5,217 and subsequently around 5,390 – 5,400 could define the next directional move.

If you are interested in market approaches based on structure and liquidity, please feel free to follow this channel to share and exchange ideas for upcoming analyses.

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