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– Price powerfully broke through the support area (4967 – 4975) and decisively broke above the uptrend line, confirming strong sell-off control. The current main structure is still a medium-term downward trend, maintaining a low-high-low bottom pattern, forming an obvious bearish Dow Jones pattern.
– The multi-time frame exponential moving averages (H4 – H2 – H1) still support the downtrend as the 34 EMA is below the 89 EMA. Prices are currently witnessing a technical rebound after a sharp decline in the market.
– This area (4891 – 4899) currently serves as a key resistance area in the current technical uptrend; a breakout of this area will result in a short-term rebound to this level (4967 – 4975). This area (4804 – 4818) is currently a key support area; a breakout of this area would initiate a broader downtrend in the market.
✅ Discount:
1. Sales scenario:
The market is undergoing a technical test to re-evaluate support levels before the main trend resumes.
– One hour candle (H1) breaks the support area (4891 – 4899) as a hypothetical breakout.
– Downtrend lines are still respected.
– The candle closed below the 34-hour exponential moving average (EMA34) (H1).
– The candle failed to penetrate the central Fibonacci zone (0.5 – 0.618).
=> Therefore, downside momentum may return to the support area (4804 – 4818). If the price breaks out of this area, downward momentum will increase.
2. Purchase scenario:
– The one-hour candle (H1) confirms the breakout of the support area (4891 – 4899).
– Breakout of the short-term downtrend line.
The 1-hour candle (H1) confirms a close above the 34 EMA and 0.5 Fibonacci level (price range 4910 – 4912).
This suggests that bullish momentum may return to the range (4967 – 4975) in the short term.
A strong breakout of this range (4967 – 4975) would lead to a strong return of bullish momentum.
Sell gold at a specific price: 4881 – 4883
Stop loss: 4887
✅ First target: 4878
✅ Second target: 4862
Sell gold at a specific price: 4971 – 4973
Stop loss: 4977
✅ First target: 4968
✅ Second target: 4951
Buy gold at a specific price: 4831 – 4833
Stop loss: 4827
✅ First target: 4836
✅ Second target: 4853
