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1️⃣Resistance level (resistance zone ~5,050)
The 5,052 – 5,050 area is a strong resistance area and corresponds to:
The 5,052 – 5,050 area is a strong resistance area and corresponds to:
Top of previous range.
Short-term downtrend line.
An area of supply that has previously caused strong selling pressure.
Price is currently retesting this area with weak price structure → less buying momentum when approaching resistance levels.
➡ If the price fails to clearly break out and hold above 5,050 (break and hold), rejection and correction are very likely.
2️⃣ Trend Line
The short-term uptrend line supports the current recovery structure.
If the uptrend line is broken, it would confirm a shift into a short-term bearish structure (lower highs – lower lows).
Then the seller will gain an advantage.
3️⃣ Support (support area ~ 4,800)
The 4,800 – 4,802 area is an important support area:
Previous request area.
The starting point of the last strong uptrend.
If the price breaks the uptrend line and breaks the current structure, the correction target is likely to be in the 4800 area.
trading plan
Buy gold: 4,800 – 4,802
Stop Loss: 4,792
Take Profit: 100 – 300 – 500 pips
Sell gold: 5,050 – 5,052
Stop loss: 5,060
Take Profit: 100 – 300 – 500 pips
