Gold has pulled back after failing to extend above the recent resistance, with price now retracing toward the rising intraday trendline and the 4030 support zone. As both the weekly and monthly candles close today, volatility is expected to increase during the US session. The current decline is viewed as a pullback unless buyers lose control of the key support.
🟢 Primary Scenario – Buy the Pullback
The preferred setup is to wait for price to revisit the 4029–4031 support area. If buyers defend this zone with bullish confirmation, gold may resume its recovery toward the next resistance.
Buy Zone: 4029 – 4031
Target 1: 4081
Target 2: 4112
🔴 Alternative Scenario – Bearish Breakdown
If gold closes decisively below 4029, the bullish recovery will lose momentum. A breakdown of both the support zone and the ascending trendline would expose the next demand area around 4006, where buyers may attempt another reaction.
📌 Key Levels
🔹 4029 – 4031 → Key support and preferred buying zone.
🔹 4081 → First resistance and initial upside objective.
🔹 4112 → Major resistance if bullish momentum strengthens.
🔹 4006 → Critical support if the current structure breaks lower.
📊 Session Bias
Neutral to Bullish
The short-term structure continues to favor buying on pullbacks while price remains above the ascending trendline. However, with both the weekly and monthly candle close taking place during the US session, traders should expect increased volatility and wait for confirmation before executing any scalp positions.
Respect the key levels, let price confirm the direction, and avoid chasing moves into the close.
Disclaimer: The views expressed are solely those of the author and do not represent the official position of Followme. Followme does not take responsibility for the accuracy, completeness, or reliability of the information provided and is not liable for any actions taken based on the content, unless explicitly stated in writing.
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