GOLD 405X, Bulls aim for 417X next?

Jul 9

After a healthy pullback from the recent rally, gold is beginning to stabilize as buyers successfully defend the 4050–4060 support zone. The recent breakout structure remains intact, suggesting the current decline is more likely a technical correction than a trend reversal.

On the H1 timeframe, price continues to respect the breakout support while attempting to build a higher low. As long as gold holds above 4050–4060, the short-term bullish structure remains valid and buyers could regain momentum toward higher resistance levels.

A sustained move above 4130–4140 would confirm renewed bullish strength and open the path toward the next upside objective around 4170–4190.

📍 Key Levels:

🔹 4050 – 4060
Key breakout support and preferred buying zone.

🔹 4130 – 4140
First resistance area. A breakout would confirm bullish continuation.

🔹 4170 – 4190
Next upside target and major resistance zone.

✅ Preferred Scenario:

Gold continues holding above 4050–4060.
Buyers regain control from the support area.
A break above 4130–4140 confirms the bullish continuation.
Next target remains 4170–4190.

Jul 10

Trade active

UPDATE: Gold reacted exactly as expected, rebounding from the trendline support after the previous breakout. The bullish momentum pushed price into the 4136 Sell Zone, activating the sell setup and delivering over 300 pips in floating profit.

Price is now reacting at a key resistance area. Watch the price action closely to determine whether sellers can maintain control or if gold will consolidate before extending toward higher resistance levels.