- After peaking around the (5186 - 5193) region, the price formed a Lower High in the (5120 - 5122) area and continued to break through the support structure (5050 - 5060), simultaneously breaking the uptrend line, indicating that selling pressure is gradually gaining dominance in the market.
- On the (H1) timeframe, a bearish DOW structure has formed with a series of Lower High - Lower Low. Simultaneously, the multi-time EMA (H4-H2-H1) has confirmed the downtrend as the EMA 34 crossed below the EMA 89, reflecting the weakening of the previous upward momentum.
- The (5050 - 5060) region is currently a significant resistance zone; a breakout of this zone will trigger a short-term uptrend. The (4983 - 4996) region is currently a crucial support zone; a breakout of this zone would open up a wider downward movement in the market.
✅ VIEW:
1. SELL SCENARIO:
- The market is likely to retest the broken supply zone before continuing its downward trend.
- The resistance zone (5050 - 5060) is important because it is a confluence of resistance, Fibonacci retracement, descending trendline, and EMA.
=> If the price cannot break through this zone, the market is likely to continue its downtrend.
=> If the price breaks through the (4983 - 4996) zone, the downward momentum will extend further, with the next nearest targets being the (4905 - 4908) and (4851 - 4954) zones.
2. BUY SCENARIO:
- Breakout of the descending trendline.
- The (H4) candle confirms closing above the EMA zone.
- Price breaks out of the resistance zone (5050 - 5060).
=> If the above conditions are confirmed, the market may enter a short-term recovery phase.
=> The target is the resistance zone (5120 - 5122).
=> It should be noted that only when the price breaks out of the (5120 - 5122) zone will the uptrend truly extend and confirm a change in market structure.
SELL LIMIT GOLD: 5049 - 5051
STOPLOSS : 5055
✅TP1: 5046
✅TP2: 5029
SELL LIMIT GOLD: 5118 - 5120
STOPLOSS : 5124
✅TP1: 5115
✅TP2: 5098
BUY LIMIT GOLD: 4906 - 4908
STOPLOSS : 4902
✅TP1: 4911
✅TP2: 4923
- On the (H1) timeframe, a bearish DOW structure has formed with a series of Lower High - Lower Low. Simultaneously, the multi-time EMA (H4-H2-H1) has confirmed the downtrend as the EMA 34 crossed below the EMA 89, reflecting the weakening of the previous upward momentum.
- The (5050 - 5060) region is currently a significant resistance zone; a breakout of this zone will trigger a short-term uptrend. The (4983 - 4996) region is currently a crucial support zone; a breakout of this zone would open up a wider downward movement in the market.
✅ VIEW:
1. SELL SCENARIO:
- The market is likely to retest the broken supply zone before continuing its downward trend.
- The resistance zone (5050 - 5060) is important because it is a confluence of resistance, Fibonacci retracement, descending trendline, and EMA.
=> If the price cannot break through this zone, the market is likely to continue its downtrend.
=> If the price breaks through the (4983 - 4996) zone, the downward momentum will extend further, with the next nearest targets being the (4905 - 4908) and (4851 - 4954) zones.
2. BUY SCENARIO:
- Breakout of the descending trendline.
- The (H4) candle confirms closing above the EMA zone.
- Price breaks out of the resistance zone (5050 - 5060).
=> If the above conditions are confirmed, the market may enter a short-term recovery phase.
=> The target is the resistance zone (5120 - 5122).
=> It should be noted that only when the price breaks out of the (5120 - 5122) zone will the uptrend truly extend and confirm a change in market structure.
SELL LIMIT GOLD: 5049 - 5051
STOPLOSS : 5055
✅TP1: 5046
✅TP2: 5029
SELL LIMIT GOLD: 5118 - 5120
STOPLOSS : 5124
✅TP1: 5115
✅TP2: 5098
BUY LIMIT GOLD: 4906 - 4908
STOPLOSS : 4902
✅TP1: 4911
✅TP2: 4923
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