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Gold prices broke through the downtrend line and formed a round bottom. It is currently retesting the 4,145-4,155 support area. As long as the price remains above this area, the uptrend will remain dominant.
Most likely possibility:
➡ Slightly fell to the support area → rebounded → towards the target 4,200-4,220 (as indicated by the arrow in the figure).
Market support:
The dollar weakened on expectations that the Federal Reserve is preparing to cut interest rates.
Falling U.S. bond yields supported gold prices.
There was no strong news to hinder the upward trend during the session today.
If the price remains above the current support area, we recommend prioritizing the bullish case.
