GOLD: The Short-term Bullish Pattern Will Recover
Technical Analysis: After dipping to $4,341.35 and hitting a short-term support level, gold staged a rebound amid volatility. It subsequently formed a bullish swing high above the 4,450–4,460 range but has recently shifted to a downward correction from these highs. The price action shows signs of a slowing downtrend and stabilization through sideways consolidation at lower levels.
If the short-term rebound consistently fails to break through and close above $4,425 on the 1-hour chart, the bears will maintain control. The market is highly likely to break below the local support at 4,360 and initiate a second retest of the extremely dense support zone at 4,310–4,305 below.
If bulls force a rally driven by news events (such as a sudden escalation of geopolitical tensions or an unexpectedly weak CPI reading) and manage to break above 4,4225–30 with strong volume, the short-term bullish pattern will recover, and the market will be directly bullish toward the $4,473–$4,500 range. Continue to focus on sell positions! $XAU/USD(XAUUSD.FOREX)$$Gold - main 2612(GCmain)$
Strategy: Sell: 4,418–21 TP: 4,400–4,395–4,390 SL: Above 4,432 (set according to personal preference)
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