Gold has staged a constructive rebound after defending the 0.5–0.618 Fibonacci retracement zone, where a higher low has formed—often an early signal of shifting momentum. This recovery suggests buyers are gradually regaining control, but the structure is not fully bullish yet as price trades beneath a well-defined descending trendline.
The immediate focus is on the trendline resistance near the 4,720 region. A decisive move and sustained close above this barrier would indicate strength, potentially driving price toward the 4,739 resistance zone, followed by an extension into the 4,768 area. Such a move would confirm continuation of the short-term recovery phase.
On the downside, the 4,699–4,689 Fibonacci support remains critical. As long as this zone holds, dips may be viewed as buying opportunities within the developing bullish structure. However, a rejection at the trendline without strong follow-through could lead to another corrective move back into this support region before any renewed upside attempt.
Trade active
Price has returned to the 4,690–4,680 demand zone after an upside move. Watching for bullish confirmation here. A hold can push price back
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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.