The gold market (XAU) has just undergone a strong volatility as efforts to break through the historical resistance zone of 4,850 USD have failed. After hitting the peak, overwhelming selling pressure has pushed prices sharply back, currently trading around 4,780 - 4,795 USD.
🔍 Technical analysis from AIPro:
The "false breakout" (Fakeout) at the level of 4,850 USD indicates the weakening of the bulls. AIPro indicators recorded a surge in selling pressure at the supply zone. Losing the psychological level of 4,800 USD is a rather negative signal in the short term.
Current Status: Price is sitting below the 50 EMA on the H4 chart, clearly confirming a corrective trend.
Target support zone: If it cannot hold the $4,770 level, gold may drop deeper to the $4,700 - $4,720 range to seek new buying interest.
RSI Indicator: Gradually decreasing from the overbought zone, indicating that there's still room for correction.
💡 Trader's Tip:
During this phase, the 'sell on rallies' strategy at previous resistance levels seems more feasible than trying to catch the bottom early. The cooling off of geopolitical factors (especially the ceasefire news between the US and Iran) is directly taking away the 'safe haven' momentum of gold.
AIPro advises you to patiently observe the price imbalance zones below for a better entry point. Don’t let FOMO drag you into short-term bounces!
🚀 Where do you think gold is headed? $4,750 or deeper? Share your insights with CreatopadVn!