Gold (XAUUSD) on the 1-hour timeframe is showing a short-term bullish recovery within a broader bearish structure. After forming a series of lower highs and lower lows, the market recently found support and initiated a strong upward move.
Market Structure Overview
The overall trend remains bearish, as price has been consistently respecting lower highs. However, the latest impulse shows buying strength from the recent lows, indicating a possible short-term shift or retracement phase.
Price has reacted strongly from the demand zone around 4690–4695, which is now acting as a key support level.
Key Levels to Watch
- Support Zone: 4690 – 4695
- Immediate Resistance: 4705 – 4715
- Higher Resistance: 4724
The highlighted zone (around 4690) has proven to be a strong reaction area, where buyers stepped in aggressively.
Trade Scenarios
Bullish Scenario:
If price holds above the 4690 support and continues to form higher lows, we can expect:
- A continuation toward 4705 → 4715
- Potential breakout leading to 4724
Bearish Scenario:
If price fails to sustain above the support zone and breaks below 4690:
- Expect continuation of the overall downtrend
- Next targets could be 4680 → 4618
Conclusion
Gold is currently in a retracement phase inside a bearish trend. Traders should watch for confirmation at key levels before entering positions. Patience and proper risk management remain essential.
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