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The price is oscillating within the triangle formation of the trendline, indicating that a strong move is imminent. The short-term trend is sideways, with obvious wide-band absorption; the current market direction is still unclear.
The multi-timeframe EMA (Daily – 2 Hourly – 1 Hourly) still shows the continuation of the bullish structure as the 34 EMA remains above the 89 EMA. However, on the time frame (4-hour), the 34 EMA is still below the 89 EMA, indicating a lack of trend consensus across time frames.
This area (4660-4668) is currently a key resistance area; a breakout of this area will lead to a return of bullish momentum and targeting higher resistance levels. This area (4616 – 4622) is currently a key support area; a break above it would break the current bullish structure (2-4 hours), which could lead to a further downward correction.
✅ Discount:
1. Purchase scenario
– Price breaks out of the support area (4660 – 4668) while breaking out of the lower highs structure.
– The price broke above the downtrend line and the 1-hour candle (H1) confirmed a close above the 34 EMA area.
=> Bullish momentum may return and head towards the nearby resistance areas (468x and 470x).
=> When the price fully breaks through the resistance area (4704 – 4710), the new uptrend structure will return strongly and the upward momentum will continue.
2. Sales scenario:
– The current uptrend structure on the time frames (H2 – H4) will be broken when price breaks out of the support area (4616 – 4622) and simultaneously breaks out of the higher low structure.
– Price broke above the uptrend line and the 1-hour candle (H4) confirmed a close below the 34 EMA.
=> The downtrend is likely to continue and head towards the nearby support areas (459x and 455x).
=> The downtrend will continue further when the price completely breaks out of the support area (4585 – 4595).
❗Note: The current range is wide and a breakthrough is possible. Traders must prioritize discipline, capital management, and risk management.
Gold purchase within limit: 4619 – 4621
Stop loss: 4615
✅First target: 4624
✅Second target: 4643
Gold sold within limit: 4684 – 4686
Stop loss: 4690
✅First target: 4681
✅Second target: 4664
