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Overall, the structure of the H4 time frame still favors a mid-term downtrend and forms a lower high-low bottom pattern. However, in the short term, the H1-M30 time frame forms a trendline channel, indicating that the market is in a consolidation phase.
The multi-timeframe EMA (H4 – H2 – H1) still exhibits a bearish structure as the 34 EMA remains below the 89 EMA. Currently, the momentum is unclear as the price keeps fluctuating between the 34 and 89 EMA lines.
This area (4573-4585) is currently a key resistance area; a break above this area will cause the price to return to higher levels. This area (4416 – 4422) is currently considered a key support area; a breach above it will disrupt the current uptrend and could cause the price to return to the medium-term downtrend.
✅ Discount:
1. Purchase scenario:
– Confirmation of the breakout of the resistance zone candle (4533 – 4537).
– Confirmation of a breakout of the downtrend line, along with a breakout of the lower highs.
=> Confirmation of short-term bullish pattern.
=> When the price fully breaks out of the resistance area (4573 – 4585), the upward momentum will become stronger.
2. Sales scenario:
– The price touched the downtrend line and tested the resistance area (4533 – 4537), but rebounded.
– Appearance of reversal signals (needle/engulfing candle).
=> Price may reverse and continue to move within the trendline.
=> If the price breaks out of the support area (4468 – 4473), it is recommended to prioritize short-term sell signals towards lower support levels.
The downtrend range will expand when price breaks out of the support area (4416-4422) and breaks out of the uptrend line, while also breaking out of the downtrend bottom.
Gold sold by specific order: 4537 – 4539
Stop loss: 4544
✅ First target: 4534
✅ Second target: 4507
Buy gold using limit order: 4468 – 4470
Stop loss: 4464
✅ First target: 4473
✅ Second target: 4490
