Gold – continue to consolidate, the explosion is coming! ! For OANDA: XAUUSD by FireWave_Gold — TradingView

The current uptrend continues, with prices continuing to form a higher-low structure while respecting the medium-term uptrend line. But after the recent strong uptrend, the market is currently entering a broad compression and consolidation phase, so we will likely see a retest of the support area before completing the upward expansion. Furthermore, the EMA on the H4 – H2 – H1 framework still supports the bullish structure as EMA34 remains above EMA89, indicating that buying momentum is still controlling the market.
This area (4749 – 4756) is considered the main resistance and if the price can break above this area, the uptrend will continue. As for the area (4702 – 4708), it represents the nearest support, and if it is exceeded, the correction towards the strong support area (4680 – 4686) is likely to continue. The uptrend will not be canceled unless the support level (4680 – 4686) is completely broken, but as long as the price still respects this support level, the uptrend remains and there is the possibility of another rebound.

✅ Vision:

1️⃣ Purchase scenario:

If the price retests the nearby support area (4702 – 4708) or the deeper support area (4680 – 4686) while continuing to respect these areas and close above them, a buy trade on the main uptrend is still preferred.

=> This area (4702 – 4708) is considered an important psychological support, apart from its compatibility with EMA34 on the H2 frame, buyers also maintained this area after closing the weekly candle above it.

=> This area (4680 – 4686) is a strong support area in line with Fibonacci 0.618 and EMA34 on the H4 frame in addition to the medium-term bullish trend line, so the probability of a buying reaction in this area remains high.

=> If the price continues to respect the two support areas and manages to break above the resistance levels (4749 – 4756), the uptrend will be strengthened with the possibility of expansion towards higher targets (477x) and (483x).

2️⃣ Selling scenario:

Short trades are preferred only when the bullish structure is canceled.

=> Price broke out and closed below the main support area (4680 – 4686).

=> Breaking of the medium-term uptrend line, the candle closed below EMA34 on the H4 frame.

=> If these conditions are met, the bullish structure will be canceled and the way will open for a continuation of the bearish correction in the short term.

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Buy gold: 4703 – 4704
Stop loss: 4698

TP1:4709
TP2:4749

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Buy gold: 4682 – 4683
Stop loss: 4677

TP1:4688
TP2:4749