The Trust Layer for Market Analysts

The gold market is currently trading within a range. The price has shown a pullback from a 50% Fibonacci retracement level, indicating potential for further upward movement. However, a bullish continuation is only confirmed if the price breaks above the resistance zone at 4715-4717. The current price action suggests a potential retest of the golden zone around 4705. A break above this zone with a close above 4717.937 on the H1 chart would signal bullish momentum towards targets of 4721.962, 4757.233, and potentially higher. Conversely, a failure to break resistance and a subsequent break below the demand zone of 4660-4643 could lead to a further downtrend. For scalping, a buy entry could be considered if the price respects the 4698.086 to 4695.141 support range, targeting the upper range. However, due to the current range-bound nature and dual pressure from buyers and sellers, waiting for a clear break of the range is advisable for swing trades.