GOLD Forming Bullish Structure Above 4000 Support

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GOLD Forming Bullish Structure Above 4000 Support

GOLD remains supported above the strong demand zone near 3998–4032, where price has shown repeated bullish reactions in the past. The market recently tapped this zone again and is attempting to stabilize.

As long as the structure holds above this key support zone, the probability favors a renewed bullish leg targeting:
4150
4230
With extension levels at 4290 and 4360 if momentum accelerates

A break below 3998 would invalidate the bullish scenario; however, for now, price action continues to respect the support area, suggesting that buyers may attempt to reclaim higher levels.

You may find more details in the chart!
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GOLD: Bulls Regain Price Control

Yesterday during the London Market time, gold rose to 4132 and during the US market opening it fell aggressively to 4040 or almost -2.3% and we awaited the comments of the FOMC minutes.

After the NFP data came out quite well, we can see that everything was overvalued since yesterday and gold is expected to rise further today.

In my opinion, gold remains optimistic and the FOMC decision or data should not affect the strength of gold at least for the time being.

Targets remain the same:
4150
4230
With extension levels at 4290 and 4360 if momentum accelerates