Gold Technical Analysis – 4-Hour Timeframe
Gold has displayed a clear upward trend within the framework of an ascending channel. The break of the $2,477 resistance, accompanied by a successful pullback, indicates strong buying power and the continuation of the upward trend. If a decisive break above the $2,530 resistance occurs, it can be expected that gold will move toward the upper boundary of the channel in the vicinity of $2,560. This would signify a strengthening of the bullish trend and the entry of gold into a new phase of growth. However, failure to break through the $2,530 resistance and a return of the price below this level could lead to a price correction toward the channel’s lower boundary at around $2,424. This scenario would reflect buyer hesitation and the potential for a temporary change in trend direction.
Gold Technical Analysis – 30-Minute Timeframe
Gold has entered a corrective phase following a decisive break below the $2,500 support level and a subsequent exit from the ascending channel. The price has now reached the $2,518 supply zone, which is likely to act as a new resistance level. If selling pressure persists and buyers fail to reclaim the $2,518 level, the correction could intensify, potentially driving the price down towards the $2,465 supply zone. This level could be considered a short-term price target for sellers.