Gold breaks through 4600…is the next target 4400? FOR TICKMILL: XAUUSD by thesignalystarabic — TradingView

Gold broke out of the 4600 area that we have identified in our weekly updates since Sunday, the price of gold broke below that area and is retesting it, and is currently bouncing in a downward wave.

There is a possibility that the price will continue the downward trend towards the 4400 area marked in blue 🔵
From this area, we are looking for buying opportunities to form a possible upward rebound.

We had expected that the price might bounce off the 4600 area if a small buying opportunity formed, but the price actually broke directly above that area before any buy signal was formed or activated.

So where can he go after the price falls below 4600? 🤔

Currently, with the price forming a downward wave, the idea of ​​a downward channel is starting to become clear 📉
It happened to us:
• First summit
• Second peak
• first bottom
• Second bottom

Therefore, we draw a trendline by connecting the highs and lows to obtain:
🔹 Upper trendline of the channel
🔹 Trend line below the channel

Price is currently moving from the channel’s upper trendline to the lower trendline, which intersects the 4400 area – a very important demand area.

We will return from this area, convinced that we must wait for buying opportunities to form on small frames, such as:
⏱️15 minutes
⏱️30 minutes

This is because there is a possibility of an upward rebound, with the goals being:
🎯4700 area
🎯 and the upper trendline of the channel

⚠️If the selling pressure continues and the price breaks above the 4400 area and stabilizes below it, then we may see the downtrend continue towards the lower area.

For more analysis and updates, please follow the channel ❤️