Alex Bobrov
⬤ Gold is trying to find its footing after some choppy trading, sitting around the $4,960 mark on the hourly chart. The metal's building what looks like an upward pattern as it bounces off support. A short-term buying opportunity has emerged near current prices, with the upside target set toward higher resistance levels.
⬤ Price is hanging around $4,964 while respecting an upward trendline that formed after the recent bounce. Recent candles are making higher lows, showing buyers are stepping in to defend this area. The key invalidation point sits near $4,900, which lines up with the latest structural support. As long as gold stays above this zone, the recovery setup remains valid.
⬤ Technical outlook points toward the $5,400 to $5,620 resistance band as the next major target. The setup suggests a steady climb rather than a quick breakout, as the market digests recent sharp moves. Given the volatility we've seen lately, this trade carries higher risk and needs price to stay stable above the entry zone.
⬤ How gold behaves around $4,960 will shape the near-term path. Holding firm above this level could fuel bullish momentum toward upper resistance, but losing support would likely send gold back into choppy range-bound trading.
Alex Bobrov
