Global Gold Analysis (Daily Time Frame)
Despite the overall bullish trend, gold has continued its range-bound movement, as it did last week, and is currently experiencing price compression. It is expected that gold will break out of this range during the week, moving towards either the next support or resistance level.
Main Scenario: Based on technical evidence, the price is more likely to break below the range’s lower boundary, around 2605. If this level is broken, the price could easily move towards the 2537 zone.
Alternative Scenario: If the price breaks above the upper boundary of the range at 2665, it could move towards the 2723 zone.
Gold Analysis (4-Hour Time Frame)
Given the previous downward move, it is expected that the breakout from the range will occur to the downside. Additionally, with the trendline support being broken, the probability of further decline increases. After breaking the 2605 zone, the price could move towards 2554 and then 2536.
If the above scenario does not happen, the price may either continue within the range or, after breaking the 2657 resistance, it could move towards 2689 and then 2721.
Gold Analysis (15-Minute Time Frame)
In the 15-minute time frame, after breaking the trendline, the price has started moving within a range below this zone. Based on the candle structure, the price seems more likely to move downward. If the 2624 low is broken, the price could easily move towards 2606 and then further lower levels.
If this scenario does not occur, the price needs to break the 2645 resistance in order to reach higher levels.