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Prices maintain a clear upward trend, forming a pattern of rising trend lines and higher highs and lower lows within the channel. After a strong advance, the market is now entering a consolidation phase below the resistance zone (4710 – 4722), a key area for identifying the next extended bullish wave.
The multi-timeframe EMA (2 hours – 1 hour – 30 minutes – 15 minutes) confirms a clearer bullish structure, with the 34 EMA reversing and rising above the 89 EMA. However, looking at the time frame (4 hours), the 34-day EMA is still below it, indicating that the upward momentum is not yet clear and the market may form multiple liquidity areas before a strong breakout.
The (4710-4722) area is currently an important resistance area; a breakout of this area will lead to a return of upward momentum and towards higher resistance levels. Areas (4631 – 4638) and (4601 – 4605) are currently important support areas. Breaking through these two areas will break the current uptrend structure, and according to the H4 chart pattern, the market will likely continue to fluctuate widely.
✅ Discount:
1. Purchase scenario:
– Confirmation of the intersection of the breakout resistance zone candle (4710 – 4722) and the 100 pip Fibonacci level.
=> The scope of the uptrend will expand.
2. Retest purchase:
=> If the price is repeatedly rejected at the resistance area (4710 – 4722), a short-term correction towards the nearby support (4631 – 4638) and then the support area (4601 – 4605) is likely before the current uptrend structure resumes.
3. Sales scenario:
– Price breaks out of the support area (4601 – 4605).
– A break of the uptrend line and a break of the higher bottom structure.
– The one-hour candle (H1) confirmed its closing price below the 34 EMA area.
=> There is a chance that price may reverse towards deeper support in the short term.
Buy gold via limit order: 4633 – 4635
Stop loss: 4629
✅ First target: 4638
✅ Second target: 4655
Gold sold by specific order: 4803 – 4805
Stop loss: 4809
✅ First target: 4800
✅ Second goal: 4780
