The price maintained a stable downward trend for a long period, continuously respecting the descending trendline. Every time the price returned to this line, a new wave of selling was immediately triggered, as if the sellers were completely controlling the market’s pace… until now.
The situation began to change when the price reached a significant support zone. The buying reaction was much stronger than during previous bounces, clearly showing that sellers are gradually losing their momentum.
And honestly… it had been a long time since gold gave such a clear signal.
Immediately after the breakout, the price retraced.
If the bullish momentum continues to hold, I expect the price to continue moving toward the next key area around 4,658, thus completing the transition from bearish pressure to a new bullish phase.
If the support level is broken, this entire idea will lose strength. But for now, buyers are appearing exactly where they need to defend the market.
The situation began to change when the price reached a significant support zone. The buying reaction was much stronger than during previous bounces, clearly showing that sellers are gradually losing their momentum.
And honestly… it had been a long time since gold gave such a clear signal.
Immediately after the breakout, the price retraced.
If the bullish momentum continues to hold, I expect the price to continue moving toward the next key area around 4,658, thus completing the transition from bearish pressure to a new bullish phase.
If the support level is broken, this entire idea will lose strength. But for now, buyers are appearing exactly where they need to defend the market.
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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.
Related publications
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.