GOLD UPDATED TODAY
After forming a short-term Swing Low around 4285 – 4280, Gold attracted buying pressure and began a short-term recovery. Price also broke above the descending trendline and formed a bullish CHoCH, indicating that the previous bearish structure is temporarily weakening.
However, price is still trading within the 4308 – 4335 consolidation range. Therefore, before moving higher, I expect a potential pullback toward the Range Low at 4308 – 4310 to retest the structure and confirm buying strength.
✅ IMPORTANT ZONE
Range Low / Retest Zone: 4308 – 4310
Nearest Resistance: 4335
Main Upside Target: 4345 – 4350
Key Demand Zone: 4283 – 4292
➡️The 4308 – 4310 area is a confluence zone between the Range Low and the Fibonacci 0.786 retracement. If buyers successfully defend this area and a clear bullish reaction appears, I expect the recovery to continue toward 4335, followed by 4345–4350.
➡️4335 is the nearest resistance and the upper boundary of the current consolidation range. Price must break and hold above this level to confirm that buying pressure is strong enough for the next upward move.
➡️The main target for this recovery is 4345 – 4350. This area aligns with the Fibonacci 0.382 retracement and an important technical resistance zone. Therefore, selling pressure may begin to emerge as price approaches this area.
➡️After price reaches and tests 4345 – 4350, we will monitor the sellers’ reaction. If a clear bearish rejection appears together with a bearish CHoCH or BOS confirmation on the lower timeframes, price may begin a correction back toward 4308, or even deeper into the 4283 – 4292 Demand Zone.
➡️Conversely, if price breaks decisively above 4345 – 4350 and holds above this area, buying pressure could extend toward the Fibonacci 0.236 level around 4364.
For now, I prefer waiting for price reactions at the key zones instead of chasing the market. The4308 – 4310 area will determine whether the recovery can continue, while4345 – 4350 will be the key zone to assess whether sellers are ready to return.