Gold is currently trading near the 4338–4343 support zone, where the 50% Fibonacci retracement level, ascending trendline and previous support area come together. This strong confluence zone could create a possible bullish reversal.
The overall 1-hour market structure remains bullish as long as Gold holds above the major support level at 4322. If buyers defend the current zone and price forms a strong bullish rejection candle, Gold could initially move towards the 4350–4355 resistance zone.
A successful breakout and strong 1H candle close above 4355 could open the way towards the previous swing high and major resistance zone at 4370–4373.
Expected Buy Zone: 4338–4343
First Target: 4350–4355
Final Target: 4370–4373
Stop-Loss / Invalidation: Below 4322
Since the price is currently trading slightly below the preferred entry level, traders should wait for clear bullish confirmationtor a recovery above 4343 before considering a buy entry. A strong 1H candle close below 4322 would invalidate this bullish projection and could indicate further downside movement
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.