🖥 Technical analysis
🟢 Gold price movement:
- At the opening of the first session of the week, the gold price had a strong decline right from the start, losing more than 80 USD and retreating to test the area of 4650. This is an important price zone as the market has fluctuated around this area multiple times before.
- After a rapid decline, the price began to show buying force at the bottom and recovered. Currently, the price is fluctuating around 4710 – 4720, indicating that the market is in a technical reaction state after the initial drop.
- On the H1 frame, the short-term structure shows signs of breaking the previous upward momentum, as the price sharply declines from the peak near 4800 down below the EMA lines. However, the current rebound indicates that buying power is still trying to hold the intermediate price zone.
- In this context, the market is in a state of tug-of-war between a technical rebound and short-term selling pressure, so it is necessary to closely monitor reactions at important price levels.
🔘 Zone 1: around 4740 – 4760. This is the nearest resistance zone and is also the price area that was recently broken. If the price rebounds here but cannot break through, the likelihood of renewed selling pressure is quite high.
🔘 Zone 2: around 4790 – 4810. This is a stronger resistance zone above. If the market recovers strongly, this area will be a zone to watch to assess whether the downward trend will continue or not.
- On the opposite side, the support zones to pay attention to include:
🔘 Zone 1: around 4660 – 4640. This is the nearest support zone and is also the price area that just reacted during the initial decline. If the price returns to test this zone, buying power here will play an important role.
🔘 Zone 2: around 4620 – 4600. This is a deeper support zone below. In case selling pressure continues to increase and the upper support zone is broken, the price may extend its decline to this area.
- Regarding fundamental factors, gold prices at the beginning of the week are under pressure as market sentiment becomes cautious again, after geopolitical factors no longer create strong upward momentum as before.
- This week, the market will continue to focus on important economic data from the U.S., including the Producer Price Index (PPI) and reports related to the labor market. These factors will directly affect the Fed's monetary policy expectations.
‼️ In the context of the market having just experienced strong fluctuations at the beginning of the week, prices may continue to see interspersed rebound - correction phases, therefore, risk management and control of trading volume must still be prioritized.
➡️ Short-term reference strategy:
🟢 Price area with potential for a downward reversal
🔽 Resistance zone: 4740 - 4760, 4790 - 4810
🟢 Price area with potential for an upward reversal
🔼 Support zone: 4660 - 4640, 4620 - 4600
🔴This is my personal opinion, the information is for reference only.
👉 Recommend cutting losses from 5–10 points, depending on the market entry point and your risk tolerance.
📩 Contact support when needed: @CAMAP_CRYPTO