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Gold Analysis – Hourly Frame 📊

It is worth noting that gold prices broke above the 4700 area and are currently retesting. After this breakout, the uptrend is expected to continue towards the 4800 area marked in blue.

📍The 4800 area is considered an important resistance area and if the price reaches this area we will start looking for selling opportunities to form, the same goes for the 4900 area marked in red.

But now the price has bounced back from the 4770 area and is once again positioned around the 4700 area.

✅ As of now, the price is still positive as the 4700 area has not been clearly broken.

📉 If the price breaks out of the yellow zone and holds below it, we may see a downward wave towards the 4600 area, which is considered a strong demand area and an important buying area.

📌When price reaches the 4600 area:
We start monitoring the formation of buying opportunities on smaller frames such as:
• Frame 30 minutes
• Frame 15 minutes

📌 For now:
As long as price remains above the 4700 area, we will still be looking for small frame buying opportunities as a continued upward rally is possible.

📢 For more analysis and daily updates, please follow the channel.

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