On Friday, we observed a descent to the 4-hour demand zone, concluding with a precise closure at 2156, followed by a bullish surge in the final four hours. This entry point aligns with our anticipation of reaching all-time highs, driven by the bullish flag pattern identified earlier.
Beneath this demand zone lies a critical support level, tested four times, displaying robustness alongside a closely tracked trend line. Absent a break and retest of both, there's no compelling reason to consider selling. Considering the bullish long-term outlook for gold amidst geopolitical tensions and a weakening dollar, downside prospects appear limited for now.
Continuing our buying strategy, our focus remains on gold surpassing its pivot point at 2177, then targeting resistance levels between 2180 and 2185. Friday's attainment of 2180 resulted in a 200-pip descent to our demand zone, presenting an opportune bounce area for scalping. A breakout beyond this level, followed by a retest, signals a robust buy opportunity towards the subsequent resistance at 2200.
To confirm a bearish sentiment, we await the breach of the trend line, coupled with a break below the 2152.45 support level, followed by a retest, before considering sales.
Beneath this demand zone lies a critical support level, tested four times, displaying robustness alongside a closely tracked trend line. Absent a break and retest of both, there's no compelling reason to consider selling. Considering the bullish long-term outlook for gold amidst geopolitical tensions and a weakening dollar, downside prospects appear limited for now.
Continuing our buying strategy, our focus remains on gold surpassing its pivot point at 2177, then targeting resistance levels between 2180 and 2185. Friday's attainment of 2180 resulted in a 200-pip descent to our demand zone, presenting an opportune bounce area for scalping. A breakout beyond this level, followed by a retest, signals a robust buy opportunity towards the subsequent resistance at 2200.
To confirm a bearish sentiment, we await the breach of the trend line, coupled with a break below the 2152.45 support level, followed by a retest, before considering sales.
