The GOLD has been in a sustained downtrend, recently completing a corrective rally. Price is currently reacting to a major Horizontal Resistance Level at 4680.80, which aligns with a multi-touch descending trendline. We are seeing a clear rejection at the upper boundary of an ascending wedge pattern, suggesting the corrective phase is over.
Technical Conditions:
- Resistance Pivot: The red line at 4680.80 has acted as a significant "flip zone" (previous support now acting as resistance).
- Ascending Wedge: Price is wedge-trapped. A break below the lower support of this wedge will trigger a rapid move toward the previous lows.
- Price Action: Large red rejection candles at the 4710 supply zone indicate sellers are aggressively defending this level.
Levels:
- Key Resistance: 4680.80 - 4710.00
- Primary Target (TP1): 4590.00 (Wedge base)
- Secondary Target (TP2): 4500.00 (Major Demand Zone)
- Invalidation (SL): A daily candle close above 4740.00.
The Plan:
I am looking for a confirmed breakdown of the ascending channel. If the price fails to hold the current support, I expect a zigzag downward movement as drawn on the chart. The first leg should take us to 4590, followed by a minor retracement, before a final flush into the bottom demand zone.
Risk Warning:
Synthetic indices are highly volatile. This setup is based on current price action structure. Always use proper lot sizing. This is an educational idea, not financial advice.
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