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✅ XAUUSD/H1
– Gold showed a strong reaction last week, rejecting the resistance area (4669 – 4675) and closing with this week’s candle at (4709 – 4710), indicating a short-term bearish breakout. Although the market is currently facing strong selling pressure, the closing of this week’s candle above the 4700 resistance area and the descending trend line is a positive sign for buyers.
– Gold showed a strong reaction last week, rejecting the resistance area (4669 – 4675) and closing with this week’s candle at (4709 – 4710), indicating a short-term bearish breakout. Although the market is currently facing strong selling pressure, the closing of this week’s candle above the 4700 resistance area and the descending trend line is a positive sign for buyers.
The market currently depends entirely on US-Iran negotiations. The multi-timeframe EMA (H4 – H2 – H1) shows mostly bearish structure with the 34 EMA below the 89 EMA, but these factors could trigger a short-term recovery and retest the resistance area (4741 – 4743).
– This area (4741 – 4743) is an important resistance level in the upcoming upward movement. If the price breaks out of this area, the uptrend will resume and continue. This area (4669 – 4675) is an important support level. If sellers retest this area, the likelihood of a breakout increases, paving the way for continued declines.
✅Display:
1. Purchase scenario:
– If the price rebounds and closes above the nearby support area (4690 – 4700).
– If the price closes above the downtrend line and above the exponential moving average (1 hour).
=> Buyers may then retest important resistance areas (4741 – 4743).
=> When price breaks out of the resistance area (4741 – 4743) and closes above it, upward momentum will return towards targets (477x) and (479x).
=> The resistance area (4741 – 4743) is crucial as it determines the continuation of the uptrend and its correspondence with the exponential moving average (H4). At the same time, if the price closes above this area and breaks out of it, the downtrend and the downtrend line will be completely broken.
2. Sales scenario:
– If the price closes below the nearby resistance area (4690 – 4700).
– If the price closes below the downtrend line and again below the exponential moving average (H1).
==> The correction pattern may then break down and the important support area (4669 – 4675) will be retested.
==> When price breaks out of the support area (4669 – 4675) and closes below it, the downtrend will continue towards deeper support (462x) – (460x).
=> The support area (4669 – 4675) is very important as it represents the lowest level recorded by the price last week. If the price declines and closes below this area, the downtrend will continue strong, forming a downtrend structure on the longer time frame.