- The overall structure still maintains a medium-term downtrend with a clear series of Lower Highs and the price is fluctuating within a descending trendline channel.
- Multi-timeframe EMAs (H4 - H2 - H1) still support the downtrend as EMA34 is below EMA89 and the bearish DOW structure remains.
- The (5031 - 5037) zone is currently a significant resistance area; a breakout of this zone will trigger a short-term uptrend to (5078 - 5084). The (4967 - 4973) zone is currently a crucial support area; a breakout would open up a wider market decline.
✅ VIEW:
1. SELL SCENARIO:
- The market continuously forms liquidity retests before continuing the downtrend.
- The (H1) candle confirms a breakout of the uptrend.
- Breaking through the support zone (4967 - 4973) and simultaneously confirming a breakout of the Higher Low structure.
=> Confirms the extended downward momentum of the market and targets the (4938 - 4943) and (4900 - 4906) zones.
=> The (4900 - 4906) zone is a historically important structural zone (Demand + Dow previously increased). A break of this zone could lead to a sharp decline in the market.
2. BUY SCENARIO:
- The (H1) candle confirms a breakout of the resistance zone (5031 - 5037).
- Confirms a breakout of the descending trendline and simultaneously a breakout of the Lower High structure.
=> There is a possibility of a short-term upward momentum returning and targeting the (5078 - 5084) zone.
=> The upward momentum resumed strongly when the price broke out of the resistance zone (5078 - 5084) as this is a strong resistance zone and the confluence of the Fibonacci (0.5 - 0.618) zone and the bearish Dow structure.
SELL LIMIT GOLD: 5001 - 5003
STOPLOSS: 5007
✅TP1: 4998
✅TP2: 4981
SELL LIMIT GOLD: 5019 - 5021
STOPLOSS: 5026
✅TP1: 5016
✅TP2: 4997
BUY LIMIT GOLD: 4938 - 4940
STOPLOSS: 4934
✅TP1: 4943
✅TP2: 4960
- Multi-timeframe EMAs (H4 - H2 - H1) still support the downtrend as EMA34 is below EMA89 and the bearish DOW structure remains.
- The (5031 - 5037) zone is currently a significant resistance area; a breakout of this zone will trigger a short-term uptrend to (5078 - 5084). The (4967 - 4973) zone is currently a crucial support area; a breakout would open up a wider market decline.
✅ VIEW:
1. SELL SCENARIO:
- The market continuously forms liquidity retests before continuing the downtrend.
- The (H1) candle confirms a breakout of the uptrend.
- Breaking through the support zone (4967 - 4973) and simultaneously confirming a breakout of the Higher Low structure.
=> Confirms the extended downward momentum of the market and targets the (4938 - 4943) and (4900 - 4906) zones.
=> The (4900 - 4906) zone is a historically important structural zone (Demand + Dow previously increased). A break of this zone could lead to a sharp decline in the market.
2. BUY SCENARIO:
- The (H1) candle confirms a breakout of the resistance zone (5031 - 5037).
- Confirms a breakout of the descending trendline and simultaneously a breakout of the Lower High structure.
=> There is a possibility of a short-term upward momentum returning and targeting the (5078 - 5084) zone.
=> The upward momentum resumed strongly when the price broke out of the resistance zone (5078 - 5084) as this is a strong resistance zone and the confluence of the Fibonacci (0.5 - 0.618) zone and the bearish Dow structure.
SELL LIMIT GOLD: 5001 - 5003
STOPLOSS: 5007
✅TP1: 4998
✅TP2: 4981
SELL LIMIT GOLD: 5019 - 5021
STOPLOSS: 5026
✅TP1: 5016
✅TP2: 4997
BUY LIMIT GOLD: 4938 - 4940
STOPLOSS: 4934
✅TP1: 4943
✅TP2: 4960
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