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XAUUSD/H1: After the price broke through the rising trend line and the key resistance level (457-458), the market currently maintains a downward trend, indicating that the selling pressure is still under control. The current rise is just a technical rebound after the market’s sharp decline yesterday.
The downtrend is supported by exponential moving averages (EMA) on multiple time frames (H4 – H2 – H1), with the 34 exponential moving average (EMA34) below the 89 exponential moving average (EMA89). As the price continues to fluctuate below the resistance area near 456, investors are still looking for selling opportunities and are focused on waiting for new information on the situation in the United States and Iran.
This area (4573-4581) is a key resistance level on the rebound. If the price breaks out of this area, the uptrend will return. As for the area (4501-4510), it is the key support level. If the price continues to break above this area, a deeper correction may be in store.
✅ Discount:
1. Sales scenario:
– The price is still trading below important resistance levels (457x – 458x) and the exponential moving average, indicating that the downtrend continues.
The price is currently experiencing a technical rebound after a sharp decline and is likely to move towards important resistance levels (4560 – 4563) and then reach this area (4573 – 4581) before continuing its decline.
==> The resistance area (4560 – 4563) represents the intersection of the downtrend structure on the one-hour time frame, the 0.618 Fibonacci dynamic resistance area and the 34 Exponential Moving Average (on the one-hour time frame).
==> The resistance area (4573 – 4581) is a key price area; it represents the intersection of the 0.5 Fibonacci ratio and the 34 Exponential Moving Average (on the 2-hour time frame). If buyers are able to break above this area, the downtrend will be broken, opening the way for a bullish recovery. If sellers play strong defense, the downtrend may continue.
=> These two resistance areas will determine whether the uptrend will rebound in the short term. If price continues to fluctuate below these important resistance levels and the exponential moving average (EMA), focus on finding selling points in line with the current trend.
Purchase scenario:
– If the price breaks out of the resistance area (4573 – 4581) and closes above it.
– Price closed above the 34-hour EMA (2-hour time frame).
=> Then, focus on finding short-term buy points at resistance levels (459x – 460x).
=> The uptrend will rebound strongly when the price breaks strongly above the 460x area and simultaneously breaks out of the downtrend line on a larger time frame.
🔽 Gold for sale: 4560 – 4561
Stop loss: 4566
First target: 4555
Second target: 4535
Target:
– The nearest resistance level (4553 – 4555) is an old and controversial resistance area.
– The furthest resistance level (4528 – 4535) is a disputed resistance area where price falls.