โ General structure
The chart on the 1-hour frame shows a strong ascent with a higher peak higher peak lower peak (Uptrend structure) โ this is a bullish indicator as long as the support levels maintain it.
The price is not far from the historical higher levels recently recorded by gold.
๐ Momentary correction
After the price reached very high levels, short selling pressures (correction) emerged, which is natural after a very strong rise.
The correction appears to be medium-term and not a final reversal of the trend.
๐ Important levels on the chart
Important nearby support for buying: ~4,768 โ 4,750
Initial strong resistance: ~4,888 โ 4,900
Upper resistance: ~5,000 if it breaks current resistance levels.
๐ If strong support is broken, we may head for a deep correction before resuming the rise.
๐ Staying above important support areas gives a signal for the continuation of the bullish trend.
๐ General technical analysis of prices
๐ Due to continued demand as a safe haven during global tensions and a weak dollar, gold has reached new record levels, which provides a strong upward push. ๏ฟฝ
tradingnews.com +1
๐ Recent technical analyses agree on the following:
The overall trend remains bullish as long as the price is above main support, but a sideways or downward correction for a short period is possible before continuing upward. ๏ฟฝ
tradingnews.com
๐ Some common scenarios according to today's technical analysis:
Bullish scenario: the price regains momentum and breaks above resistance around $4,900 towards $5,000+.
Corrective scenario: A downward correction targeting support 4,510โ4,450 before bouncing back to buy. ๏ฟฝ
litefinance.org
๐ฐ News driving gold up
1) Demand for gold as a safe haven
Increased demand for gold amid geopolitical tensions and a weak dollar supports the continuation of the rise. ๏ฟฝ
FXEmpire +1
2) Predictions for a reduction in U.S. interest rates
Predictions of easing measures (interest rate cuts) provide support for gold as they weaken the dollar and increase the attractiveness of precious metals. ๏ฟฝ
DailyForex
3) Continued weakness of the dollar and global economic issues
This makes investors turn to gold as a hedge against risks. ๏ฟฝ
FXEmpire
๐ Summary of predictions (Short & Mid-Term)
๐ Overall trend: Bullish
As long as the price is above strong support levels and maintains a structure of higher highs and lower lows.
Potential bullish targets: โ 4,900
โ 5,000+
โ Up to 5,100 โ 5,200 as long as fundamental support continues.
๐ Correction: Possible but temporary
We may see declines towards support levels before continuing upward. This is an opportunity to enter a buy in corrections, its most important areas:
๐น 4,768 โ 4,750
๐น 4,510 โ 4,450
