Traders, let's take a look at the current setup for Gold (XAUUSD) on the 15-minute timeframe.
After a sharp corrective move from the highs near the 4,311 resistance area, price action has rapidly compressed and is currently testing a major localized support zone (marked in green).
Current Market Context
Current Price: ~4,275
Immediate Structure: Short-term bearish momentum has driven the price straight into our primary demand block (4,260 - 4,275 region).
We are seeing some initial stalling and hesitation from sellers in this green zone, indicating buyers are attempting to step in
Key Levels to Watch
Support (Demand Zone): 4,260.00 – 4,275.00. This is the make-or-break level for intraday bulls.
Immediate Resistance 1: 4,278.96
Major Overhead Resistance 2: 4,297.51
Major Overhead Resistance 3: 4,311.43
Scenario 1 (Bullish Bounce):
If price successfully defends this green demand zone and reclaims the immediate 4,278.96 resistance on the 15m chart, we could see a relief rally. The primary bull targets would be a retest of 4,297.51, with continuation potential toward 4,311.43.
Scenario 2 (Bearish Continuation):
If sellers overwhelm the buyers here and we get a decisive 15m candle close below the 4,260.00 level, this demand zone is invalidated. This would signal further downside continuation, opening the door for a deeper pullback.
After a sharp corrective move from the highs near the 4,311 resistance area, price action has rapidly compressed and is currently testing a major localized support zone (marked in green).
Current Market Context
Current Price: ~4,275
Immediate Structure: Short-term bearish momentum has driven the price straight into our primary demand block (4,260 - 4,275 region).
We are seeing some initial stalling and hesitation from sellers in this green zone, indicating buyers are attempting to step in
Key Levels to Watch
Support (Demand Zone): 4,260.00 – 4,275.00. This is the make-or-break level for intraday bulls.
Immediate Resistance 1: 4,278.96
Major Overhead Resistance 2: 4,297.51
Major Overhead Resistance 3: 4,311.43
Scenario 1 (Bullish Bounce):
If price successfully defends this green demand zone and reclaims the immediate 4,278.96 resistance on the 15m chart, we could see a relief rally. The primary bull targets would be a retest of 4,297.51, with continuation potential toward 4,311.43.
Scenario 2 (Bearish Continuation):
If sellers overwhelm the buyers here and we get a decisive 15m candle close below the 4,260.00 level, this demand zone is invalidated. This would signal further downside continuation, opening the door for a deeper pullback.
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.
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.