Key trends:

The price is still trading below the long-term bearish trendline, indicating that the medium-term trend remains bearish until a clear break above the trendline.

The current rally is simply an upward correction (pullback) from the recent bottom area.

Important areas of resistance:

4,560 – 4,565: Nearby resistance zone, corresponding to short-term supply zone and recent price reaction zone. If the price breaks out of this area and remains above it, the upward momentum may continue.

4,580 – 4,585: Stronger resistance, this is the crossover area between the resistance zone + the long-term bearish trendline + the 0.5 Fibonacci level. This is a key area in determining whether buyers will be able to reverse the market structure.

Important areas of support:

4,510 – 4,508: Strong support area, representing the recent bottom and current area of ​​demand supporting price. If this area is breached, selling pressure could return strongly and extend the downtrend.

Main scene:

The price may continue to rebound towards 4,560 points and if the trading volumes remain strong, the rise may extend to a test of 4,585 points.

If price is rejected in the 4,560 – 4,585 area and fails to break above the trend line, a return to test 4,510 is likely.

Short term outlook:

A short-term bullish technical rebound is in order, but as long as the price remains below the downtrend line, a complete reversal is not confirmed.

Trading plan:

Sell ​​gold: 4583 – 4585
Stop loss: 4595
Take profit: 200 – 500 – 1000 points

Buy gold: 4510 – 4508
Stop loss: 4598
Take profit: 200 – 500 – 1000 points

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