The one-hour (H1) chart for Gold (GOLD) displays active, bullish price action. Currently trading at 4054.62, the price is making a concerted effort to recover and climb following a previous downward retracement. It is now targeting key pivot levels and testing the boundaries of short-term ascending price channels.

Technical Analysis and Price Action

Price Channel Structure: The price is moving within a primary ascending channel (in blue), which intersects with a steeper, secondary ascending channel (in pink/red). Notably, the price has rebounded strongly from the lower boundaries of these channels, moving upward past their midlines. This has formed a series of higher lows, signaling a return of buying momentum and indicating that the bulls (buyers) are in control of intraday trading.

Interaction with Weekly Pivot Levels: The price is currently testing the weekly pivot level at 4053.46. This stability and the intraday breach of the pivot serve as a positive signal, supporting further upward movement. Meanwhile, the price is approaching its next immediate hurdle: the first weekly resistance level (Weekly R1) at 4131.80, which represents the primary target for buyers.

Key Support and Resistance Levels

Major Resistance Levels:

First Resistance: 4053.46 (the weekly pivot level, which is currently acting as a key support-turned-resistance). Second Resistance: 4088.55 – 4100.00 (upper intraday resistance zones).

Pivot Resistance: 4131.80 (Weekly R1 – first weekly resistance level).

Key Support Levels:

First Support: 4030.00 – 4040.00 (near-term support zones and the midline of the ascending channel).

Second Support: 4010.55 (rebound area and the most recent local low).

Pivot Support: 3991.05 and below (the lower boundary of the ascending channel).

Price Action Outlook and Trading Recommendations

Bullish Scenario (Primary):

A positive trajectory is likely in the intraday timeframe, provided the price remains stable above the weekly pivot point of 4053.46 and above the boundaries of the ascending channel.

Recommendation: Consider buying upon a corrective pullback or following a firm stabilization above the 4053.46 level.

Technical Targets: Aim for 4088.00, with potential extension toward the first weekly resistance at 4131.80.

Bearish Scenario (Alternative):

This scenario is triggered if the price fails to hold above the pivot point, leading to selling pressure that pushes it back into negative territory.

Confirmation Condition: A clear hourly candle close below the 4030.00 level.

Technical Targets: A retest of the support zones at 4010.55, followed by the lower boundary of the channel near 3991.05. Risk Management

Intraday trading in gold markets requires strict adherence to capital management rules. Risk per trade should be capped at a maximum of 2%, and stop-loss orders must be precisely implemented to protect the portfolio against sudden price fluctuations.

Gold Price Action on the Daily Chart:

The price is currently trading at 4054.34 within a descending channel on the daily timeframe. It is showing signs of a corrective rebound following a touch of the channel's lower boundary, near the first monthly support level (Monthly S1) at 4008.04.

Analysis of the Last Two Candles (Yesterday and Today):

Yesterday's Candle: Reflected a positive rebound (a bullish candle) as the price successfully bounced from a local low near the 4000.00 level, regaining some buying momentum.

Today's Candle: Indicates a continuation of this positive momentum and an intraday rise, confirming the corrective wave and the price's reaction to strong support zones.

Outlook for Future Movement:

Bullish Corrective Scenario (Currently the most likely): The positive rebound continues, targeting nearby resistance at 4083.30, with potential for further extension toward 4139.40—provided the price remains stable above the first monthly support level of 4008.04.

Bearish Scenario (Alternative): This would be triggered if the price faces renewed selling pressure, leading to a break and daily close below the 4008.04 support level. Such a move would open the door for a deeper decline toward the second monthly support level (Monthly S2) at 3859.25.