Gold market structure remains firmly bullish, as indicated by the consistent formation of higher lows. Recently, the price successfully broke above the resistance zone at 2483.0, marking a significant milestone in its upward movement. The market has since pulled back, using this previous resistance zone as a new support level.
Gold’s market upward trajectory has been reinforced by a bullish trendline that continues to support its climb. As the price action formed higher lows along this trendline, the resistance zone at 2483.0 initially caused a temporary stall in further gains, leading to the creation of equal highs.
However, this resistance was decisively broken on August 16th. After forming a swing high, the price pulled back to retest this crucial zone. This retest also aligned with a bullish order block, contributing to the price’s renewed upward momentum.
Gold Short-Term Trend: Bullish
Despite the ongoing uptrend, recent price action has shown a lack of momentum, failing to establish a new high. On the 4-hour chart, a range has developed, suggesting potential weakness in the market. While this could indicate accumulation for long orders, it also poses the risk of a reversal if sellers gain control. The emergence of forex signals during this phase is crucial for traders looking to gauge the market’s next move.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
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