Gold (XAUUSD) currently trading inside a sideways consolidation zone between the marked support and resistance area. Market is waiting for a strong breakout confirmation before deciding the next major move.
The highlighted zone around 4690 – 4706 is acting as the key intraday decision range.
If price gives a strong candle close above 4706, buyers may take control and push gold towards the previous swing highs.
If price breaks and closes below 4689, selling pressure could increase and market may retest lower support zones near the day swing low.
From the chart structure, gold recently showed bullish recovery from the swing low, but momentum slowed near resistance, creating this sideways range. This usually indicates accumulation before volatility expansion. Traders should avoid entering inside the middle of the range and wait for confirmation breakout for safer entries.
📈 Buy Confirmation: Above 4706
🎯 Possible Targets: 4720 → 4740 → 4765
🛑 SL: Below 4690
📉 Sell Confirmation: Below 4689
🎯 Possible Targets: 4670 → 4640 → 4620
The highlighted zone around 4690 – 4706 is acting as the key intraday decision range.
If price gives a strong candle close above 4706, buyers may take control and push gold towards the previous swing highs.
If price breaks and closes below 4689, selling pressure could increase and market may retest lower support zones near the day swing low.
From the chart structure, gold recently showed bullish recovery from the swing low, but momentum slowed near resistance, creating this sideways range. This usually indicates accumulation before volatility expansion. Traders should avoid entering inside the middle of the range and wait for confirmation breakout for safer entries.
📈 Buy Confirmation: Above 4706
🎯 Possible Targets: 4720 → 4740 → 4765
🛑 SL: Below 4690
📉 Sell Confirmation: Below 4689
🎯 Possible Targets: 4670 → 4640 → 4620
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.
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.