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Gold is stabilizing, but the macroeconomic picture is still not entirely favorable. Markets are paying attention to Powell’s comments, while high oil prices continue to keep inflation concerns alive. This limits gold’s bullish momentum in the short term.
Looking at the chart, the trend is still down, but prices are rising during the day. Price remains below the downtrend line and the recent bounce looks more like a reaction to support than a confirmed trend reversal. The key decision-making area for the second hour remains the resistance area near 4669. As long as gold prices remain below this area, the rebound will be vulnerable to renewed selling pressure.
Understand the market
2 o’clock structure remains bearish to neutral
Price is bouncing back but remains below the main downtrend line
The current move looks like a technical bounce rather than a confirmed breakout
Macroeconomic pressures from rising yields, rising energy prices and expected delays in monetary easing continue to limit upward momentum
Main areas
4,669.440 ← Major Resistance Zone/Trend Line Reaction Zone
4,600.149 ← Current Short-Term Pivot Point
4,555.750 → Moderate decline level
4,472,332 ← Main support areas
trading plan
If the price rebounds but fails to fall below 4,669
← Gold could return to 4,600
If it obviously breaks 4600
← The decline could extend to 4,555 and then to 4,472
If the price returns to 4,669 and remains above it
→ A rebound is more likely, but still a minor scenario for now
SeeMMFLOW
This is not yet a clear bullish chart.
There is room for rebound in the short term, but the basic structure has not changed. As long as gold remains below 4669, any rise will look more like a retest of resistance than the start of a true recovery. As markets continue to focus on Powell’s comments, oil price forecasts and inflation rates, price action around resistance levels will be more important than trying to predict an early breakout.
Today’s Trend: Bearish as long as price remains below the 4669 level