As the Gold market open in few hour let analyze last week price action in relation to the new opening price action we might potentially expect this new week. βοΈ
Hereβs what I see from a price action perspective.
The overall market is ranging, not trending.
Price is currently around 4,052.60 after rejecting higher prices.
The most recent daily candle is bearish, showing sellers stepped in after buyers pushed price higher.
My Key resistance level will be 4,081.69 β Immediate resistance. 4,155.03 β 4,165.79 which are my major supply zone from last week price action, This area has rejected price multiple times and remains the strongest resistance.
My Key Support Levels will be 4,021.91 β
4,010.40 while 3,968 β 3,947 our Major demand zone where buyers aggressively enter the market from last week price action
What I suggest about the Candle
The recent bullish candle attempted to break higher but was immediately followed by a strong bearish candle that erased much of the gain leaving it with an indecisive candle stick.
If price stays below 4,081.69, expect another move toward 4,021 then 4,010
If those fail, 3,968β3,947 becomes the next target.
If buyers reclaim and close above 4,081.69 on the daily first target would be 4,120 then 4,155 a strong close above 4,165 would suggest continuation higher.
My bias would be base only on this daily chart, I would describe the bias as slightly bearish to neutral because the latest candle rejected higher prices Price remains below nearby resistance. The market is still inside a range rather than in a confirmed uptrend.
What will expect is to wait for confirmation first and see how the market plays out by the Monday nd potentially Tuesday daily closure to confirm our price direction for the week.βοΈππ
Thank you and have a Blessed week ahead πππ.
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