Gold remains in a short-term bearish structure after rejecting the 4700 resistance zone and continuing lower with strong momentum. Price is now trading near a critical support area around 4475–4480, which is acting as the main reaction zone.
The chart shows a possible bullish reversal setup forming near support:
- Immediate support: 4475 – 4432
- Major resistance: 4510 – 4550
- Overall trend: Bearish below 4550
If buyers defend the 4475 zone, XAUUSD could attempt a corrective bounce toward 4510 and possibly 4550. However, failure to hold above support may trigger another selloff toward 4432 and lower.
Trading Plan
- Buy scenario: Bullish confirmation above 4480 targeting 4510 / 4550
- Sell scenario: Rejection from 4510 or breakdown below 4470 targeting 4432
Market sentiment remains cautious, and traders should wait for confirmation before entering positions.
MQL5 profile
New comment