Gold is recovering on H4 after bouncing from the 4,470 – 4,480 area. Price has reclaimed the short-term EMA, but it is still below the major EMA around 4,595 – 4,600, so I still view this as a technical rebound rather than a confirmed reversal.
The key resistance is 4,590 – 4,605. If price fails here, sellers may return. Macro pressure also remains because Fed rate expectations and US yields are still major obstacles for gold, even though weaker USD and lower oil temporarily support the rebound.
Trade Plan
Buy scenario: wait for gold to pull back toward 4,535 – 4,520. If this zone holds with strong rejection, target 4,590 – 4,605.
Breakout buy: only consider buying if H4 closes clearly above 4,605 with strong volume. Targets: 4,640 and 4,675 – 4,680.
Sell scenario: if gold rejects strongly from 4,590 – 4,605 and loses 4,535, price may return toward 4,500 – 4,480.
The key resistance is 4,590 – 4,605. If price fails here, sellers may return. Macro pressure also remains because Fed rate expectations and US yields are still major obstacles for gold, even though weaker USD and lower oil temporarily support the rebound.
Trade Plan
Buy scenario: wait for gold to pull back toward 4,535 – 4,520. If this zone holds with strong rejection, target 4,590 – 4,605.
Breakout buy: only consider buying if H4 closes clearly above 4,605 with strong volume. Targets: 4,640 and 4,675 – 4,680.
Sell scenario: if gold rejects strongly from 4,590 – 4,605 and loses 4,535, price may return toward 4,500 – 4,480.
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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.