#xauusd
It feels like β οΈGold is preparing for a breakout of a key horizontal resistance cluster, from where I would expect a retracement.
Its violation and an hourly candle close below will provide a strong bearish signal.
Probabilities will be high that the market
#XAUUSD
Gold's price action aligns with expectations for a bearish pullback. Currently trading near 4,639, the price confirms that sellers have stepped in within the anticipated premium zone.
The current movement remains a pullback rather than an established reversal. As long a
#xauuad
Gold is currently fluctuating within the 4620β4650 range.
A decisive breakout and consolidation above 4660 would pave the way for a renewed push toward the 4700 resistance level.
Conversely, if the price remains below 4660, there is a risk of a decline to 4600.
#xauuad
After breaking below support, the price is currently consolidating in the 4625β4635 range, situated below the 4660 supply zone.
Look for selling opportunities at current levels:
SELL: 4640β4650
TP: 4620β4600β4580β4560
SL: 4665
#xauusd
If the short-term support zone of 4630β4610 holds firm against a decisive breakdown, this becomes a key level for considering new long positions; in this scenario, the stop-loss should be placed below 4600 to guard against a drop toward the 4560β4540 range, while
#xauusd
From a longer-term perspective, the outlook for gold remains bullish, though short-term price action is becoming increasingly volatile, characterized by two-way fluctuations.
If the price breaks decisively above 4700 and holds β follow the trend and go long.