This 1-hour Gold Spot chart shows a strong bullish recovery structure after a prolonged corrective phase. Price is now testing a major resistance zone near 4,741–4,750.
Market Structure
The chart formed a large descending corrective structure from April 26 to May 5.
A clear trend reversal occurred after the higher low near 4,520.
Since May 6, buyers aggressively pushed price upward with strong bullish momentum candles.
Key Technical Zones
Resistance Zone
4,741 – 4,750
Price is currently rejecting this level slightly after touching resistance.
This area acted as a previous swing high and supply zone.
Support Zones
4,673
Important breakout support.
Previous resistance turned support.
4,620 – 4,650
Dynamic support area aligned with the rising green trendline.
4,520
Major swing low and bullish invalidation level.
Trend Analysis
The green ascending trendline indicates a developing bullish trend continuation.
Price remains above:
the moving average (blue line),
ascending structure,
and Supertrend support.
This suggests buyers still control the short-term trend.
Pattern Observation
The chart resembles:
a descending broadening wedge / falling structure breakout,
followed by a strong impulsive rally.
The breakout above 4,673 confirmed bullish continuation.
Momentum & Signals
Multiple “My Long Entry Id” signals appeared during the rally phase.
Short signals near resistance suggest temporary exhaustion rather than confirmed reversal.
Momentum remains bullish unless price closes back below 4,673.
Possible Scenarios
Bullish Scenario
If price breaks and holds above 4,750:
next targets may be:
4,780
4,820
psychological continuation higher.
Bearish Pullback Scenario
If rejection continues from resistance:
expect retracement toward:
4,700
then 4,673 support retest.
As long as support holds, dips may attract buyers.
Overall Bias
Short-term Bias: Bullish
The chart currently favors buyers after a confirmed breakout and strong momentum expansion, but price is now at a critical resistance where profit-taking and volatility are likely.
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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.
t.me/wolfpipsspot
Sharing My Exprience Here And providing Daily Forex Ideas t.me/wolfpipsspot Free Signal's Analysis Chart Mapping
Don't Worry Friend's I'm Here For Your Help ❤️ t.me/wolfpipsspot
Sharing My Exprience Here And providing Daily Forex Ideas t.me/wolfpipsspot Free Signal's Analysis Chart Mapping
Don't Worry Friend's I'm Here For Your Help ❤️ t.me/wolfpipsspot
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.