Adjusting around 4695, the price continues to rise.

May 12

🔍 Market Structure

Price is still trading above the EMA 89, indicating that the medium-term bullish trend remains intact.
However, the EMA 9 has started to curve lower, and price has already closed below the EMA 9, signaling the emergence of short-term selling pressure.
The current structure resembles:
an impulsive rally
distribution phase
retracement back into the demand zone before the market decides its next directional move.

📉 Fibonacci & Liquidity

After completing the bullish wave:
price reacted strongly around the Fibonacci 0.0 level near 4,773.
The market is now retracing toward key support areas:
Near-Term Support Zone:
4,710 – 4,705
Fibonacci 0.5 level
aligned with EMA 89
strong M30/H1 demand zone.
Deeper Support:
4,695
Fibonacci 0.618 level
potential liquidity sweep area.
If price sweeps this zone but manages to hold above it, the bullish continuation scenario remains valid.

!! SIGNAL

BUY GOLD zone : 4696 - 4693

SL: 4688

tp: 4710 - 4732 - 4760

May 12

Trade active

Gold prices are correcting lower — selling pressure remains strong below the 4700 level.