With the increasing talk of a potential attack on Iran, #xau, # gold broke the descending blue trend formed during the last downward wave and appears to have completed its retest.
As long as it maintains the 4840 level on the 4-hour chart, the upward movement can continue. If it also breaks the resistance at 5095-5138, it will continue its movement below the @E5@ level. If it closes above the 5597 peak, the upward trend may further continue. Upper resistance levels are at 5999-6754. If it cannot break the resistance, we will monitor the supports at 4840-4814-4655 during any pullbacks. If it holds at any of these levels, it may attempt to test the resistance again. During pullbacks, the daily support at 4655 is important; if it closes below, we will follow the daily rising black trend and the 4536 level. If a daily close occurs below 4536, it will break the intermediate rising trend, and the correction will deepen, potentially continuing toward the 4025-3998 region. Looking at the broader timeframe, the upward trend has not yet been broken. I am listing the important levels to watch here. You can develop your own strategy accordingly.
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With the increasing talk of a potential attack on Iran, #xau, # gold broke the descending blue trend formed during the last downward wave and appears to have completed its retest.
As long as it maintains the 4840 level on the 4-hour chart, the upward movement can continue. If it also breaks the resistance at 5095-5138, it will continue its movement below the @E5@ level.
If it closes above the 5597 peak, the upward trend may further continue.
Upper resistance levels are at 5999-6754. If it cannot break the resistance, we will monitor the supports at 4840-4814-4655 during any pullbacks.
If it holds at any of these levels, it may attempt to test the resistance again.
During pullbacks, the daily support at 4655 is important; if it closes below, we will follow the daily rising black trend and the 4536 level.
If a daily close occurs below 4536, it will break the intermediate rising trend, and the correction will deepen, potentially continuing toward the 4025-3998 region.
Looking at the broader timeframe, the upward trend has not yet been broken. I am listing the important levels to watch here. You can develop your own strategy accordingly.