#XAUUSD (#Gold) 1H Technical Analysis
Gold prices have shown signs of holding the key intraday support zone after recently retreating from highs.
The price reacted positively near the 4040-4050 support area, indicating that buyers are attempting to regain control of the short-term trend.
The overall market structure remains bearish, with both highs and lows remaining at lower levels.
As long as the support level holds, the recent rally is more of a correction than a reversal.
Bullish Scenario
Entry Area: 4040-4050 (Support Area)
Target Price: 4130-4150 (Previously Forecasted Resistance Level)
Key Points to Watch
A strong bullish close above 4070 would confirm buying momentum and increase the likelihood of further gains to 4100 and potentially even 4130.
If the price breaks below and closes below 4040, the bullish pattern will weaken, and a further pullback to deeper levels is more likely.
Note: Wait for confirmation signals (such as a bullish engulfing pattern, a strong lower shadow, or a higher low pattern) before entering a trade.
Never buy simply because the price touches a support area.
Direction: 🟢 Bullish when the price is above 4050
Risk Management: Control your position size; only risk a small portion of your trading capital on each trade.
#GOLD #US #iran #XAU