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At the beginning of the week, gold prices fell to 4970, then quickly rebounded to retest the 503X area – a previous support level that has now been broken and turned into resistance.
Currently, the price is trading within the H4 candlestick range:
Upper limit: 503X
Lower limit: 497X
It is worth noting that 4970-4960 is the support area on the daily line, so the price may encounter buying pressure when testing this area. Traders should be cautious with sell orders near this level and monitor momentum before entering a position.
Main strategies
It is best to sell on a pullback from the resistance area.
Resistance:
5045 | 5045 5065 | 5065 5080 | 5080 5110–5120
support:
4970 | 4970 4960 | 4960 4950 | 4950 4920 | 4920 4900 | 4880 | 4850
main structural levels
5130: Invalid level for bearish market scenario.
If the price breaks above this level, the structure may switch from bearish to bullish.
4960: Major bearish structural level.
A clear breakout could lead to further declines into deeper support areas.
Comment
The market is likely to continue to fluctuate within the H4 range (503X – 497X).
Traders can trade within short-term ranges and wait for a clear breakout to follow the move in the next direction.
⚠️This plan is for reference only. Always manage risk and position size carefully.
