View trades on a one-hour time frame. For OANDA: XAUUSD by FireWave_Gold — TradingView

The short-term market structure is starting to show signs of recovery as the price crosses the 34-hour EMA (H2), forming gradually higher lows and breaking out of the resistance zone (4508 – 4512). However, price is currently experiencing selling pressure this morning as it interacts with the downtrend line and the 34-hour exponential moving average (H4), suggesting that selling pressure will continue if the price fails to successfully break out of the (4564 – 4571) area.

This area (4508 – 4512) is currently the closest support area; if the price stabilizes above this area, a rally to higher resistance levels is possible. Conversely, if the price breaks below this area, the downtrend may reverse and head towards the lower support area (4453 – 4457).

✅ Discount:
1. Purchase scenario:

– If the price stabilizes and closes above the support area (4508 – 4512) and a reversal signal appears (on the 5 – 15 minute time frame), the current uptrend will continue.

=> Target is resistance (453 – 455).

When the price breaks out of the resistance area (4564 – 4571) and closes above it.

At the same time, the price broke above the downtrend line and settled above the 34-hour EMA (on the 4-hour time frame).

=> Then, an upward recovery trend will become clear and the price may head towards higher resistance areas (459 – 464).

2. Sales scenario:

– If the price falls and closes below the support levels (4508 – 4512).

– Price closed below the 34 EMA (hourly time frame).

=>Then the current uptrend breaks down and the downtrend starts towards lower support (448 – 445).

– When the price falls and closes below the support levels (4453 – 4457), the downtrend will expand and the decline may reach the levels (442 – 440).