Price is currently ranging within the narrow 3,740 – 3,755 suppo

1. Current Price Structure

Gold has formed a strong bullish wave (rallying from the 3,680 zone to nearly 3,790).

Afterwards, a sharp decline occurred → creating a new high but quickly rejected.

At present, the price is consolidating sideways within a narrow support–resistance zone around 3,740 – 3,755.

2. Key Support – Resistance Levels

Near-term resistance: 3,755 – 3,760 (recent minor high).

Near-term support: 3,735 – 3,740 (area repeatedly tested).

Stronger support: 3,695 – 3,705 (potential retracement target with liquidity and previous accumulation zone).

3. Price Scenarios

Scenario 1 (primary): Price breaks below the current support → drops to retest the 3,695 – 3,705 zone → then bounces back up. This is a potential “demand zone” where buyers may return.

Scenario 2 (less likely): Price holds the 3,740 support and rallies immediately → however, current buying pressure seems insufficient to sustain this move.

4. Trading Implications

The 3,695 – 3,705 zone is a potential buy area if bullish reversal candlestick patterns appear.

If price clearly breaks below 3,695, the short-term trend could turn bearish with a target toward 3,660.

In the short term, the market is still in a corrective phase after the previous bullish rally → not ideal to “chase buys” around 3,740.

👉 In summary: The chart suggests the price is more likely to dip toward the 3,700 demand zone before bouncing back up. The 3,740 zone is only a temporary buffer, not strong enough for a major reversal.