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The early and mid-term trend was bearish, with prices forming a pattern of lower highs and lower lows. However, prices have now broken this downtrend and formed a short-term bullish pattern on the Dow Jones on the first half time frame. But for a clearer confirmation of this bullish pattern, we need to wait for confirmation on the H4 time frame.
The multi-time frame EMA (H4 – H2 – H1) is still showing a bearish pattern, with the 34 EMA remaining below the 89 EMA. However, the current price action is bullish in the correction phase and continues to break above key levels, leaving the situation still unclear.
This area (4638 – 4655) currently serves as a significant resistance area for the current technical rebound. If the price breaks out of this area, the upward momentum will return to (4731 – 4736) and then back to (4800 – 4810). This area (4479 – 4495) is currently a key support area. A break above this level would disrupt the current uptrend and potentially return to the downtrend.
✅ Overview:
1. Purchase retest scenario:
– If the price pulls back and reestablishes the support area (4479 – 4495), it is recommended to buy based on the current uptrend structure.
– This support area is important because it forms a bullish Dow Jones pattern (hourly).
– Confluence of exponential moving averages (hourly) and dynamic Fibonacci resistance areas (0.5 – 0.618).
2. Continue to purchase:
– If the price rises significantly and breaks the resistance area (4638 – 4655), the buying range expands.
– If this support area (4638 – 4655) is broken, the uptrend will be confirmed due to the convergence of the 34-hour EMA (on the 4-hour time frame) with the bullish Dow Jones pattern (on the 4-hour time frame), which enhances the clarity of the current uptrend.
3. Sales scenario:
– This will happen only if the price breaks out of the support area (4479 – 4495) and there is a strong rebound. When this area is breached, the current uptrend will become invalid.
There is a price limit for gold purchases: 4480 – 4482
Stop loss: 4475
✅ First target: 4485
✅ Second target: 4510
There is a price limit for gold purchases: 4450 – 4452
Stop loss: 4446
✅ First target: 4455
✅ Second target: 4482
