{quote} Here could be an other scenario, might go more low or retest 4655 area and then up. IMO gold is still bearish but need some retracement till 4730-40 If 4740 breaks properly then we can hope for 4800-4830{image}
Gold is currently holding above the key 4680-4670 support zone after a strong bullish recovery from the 4640 demand area. Gold is trading near the descending trendline around 4705 where short-term resistance is slowing momentum. However the structure still favors buyers as long as gold stays above 4670 and continues forming higher lows. A breakout above the trendline and 4720 resistance could open the way toward 4760 and 4780 in the coming sessions.
If sellers push price below 4670 then a retest of 4650-4640 support becomes possible before buyers step in again.
Key levels to watch:
- Resistance: 4705, 4727, 4761, 4782
- Support: 4693, 4683, 4672, 4640
Patience
