"Gold Consolidates – Prepare for the Next Big Move!"

19 set

🔹Gold Technical Analysis (1H Chart)

▪ Market Structure

Gold is currently trading around $3,650, consolidating after moving within a descending channel. The recent price action shows buyers defending the $3,640 support zone, preventing further downside. This structure suggests that the market is preparing for a potential breakout move.

▪ Key Support & Resistance Levels

▫Support Levels:

*$3,640 – $3,620: Strong demand zone where price has previously reversed.
* $3,600: A psychological level and deeper support if the above fails.

▫Resistance Levels:

* $3,672 (1st Target): Minor resistance and initial breakout confirmation level.
* $3,700 – $3,720 (Final Target Zone): Major resistance area where strong selling pressure may reappear.

▪Technical Outlook

The price is testing the upper boundary of the descending channel. A breakout and sustained close above $3,672 would confirm bullish momentum, opening the path towards the $3,700–$3,720 resistance zone.
If price fails to hold above $3,640, sellers could regain control, dragging gold back to $3,620 or even lower before another bullish attempt.

▪Volume & Momentum

Volume is showing signs of increase during upward attempts, which supports the bullish breakout scenario. Momentum indicators (not shown on chart) would likely confirm strengthening if price clears the $3,672 barrier.

▪Conclusion

Gold is at a critical juncture. A breakout above $3,672 signals a short-term bullish continuation towards $3,700–$3,720, while a rejection may extend consolidation back to the $3,620 support area. Traders should watch the channel breakout closely for directional confirmation.

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20 set

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22 set

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