Mid-week golden hour frame analysis📊

Last week, gold prices closed in this area. We recall that the weekly analysis of gold prices was between 4400-4700 levels. The question is: will it continue to fall or start a reversal?

The price actually continued its decline and reached the 4400 area specified in the last update, which intersects the lower trendline of the descending channel marked in orange. This area is considered a very strong support area from where we may see an upward rebound.

Therefore, at present we must pay attention to the small frame and wait for buying opportunities that form support for an upward rebound, such as:
✔️Double bottom
✔️Inverse Head and Shoulders Pattern
✔️Or any technical model supporting the rise

However, if the price breaks below the 4400 area and retests, then we will be looking for selling opportunities in the downtrend.

We are still optimistic about the possibility of a rebound and focus on the formation of buying opportunities in this area.

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