Gold (XAU/USD) 4H: Bullish with Possible Pullback!!Gold (XAU/USD) 4H Chart Analysis: Bullish Trend with Possible Pullback
Key Observations:
1. Price Action & Trend:
The price is currently trading around $2,817.685.
The trend appears bullish, with a strong upward move.
There is a marked internal liquidity (Int. LQ) taken, indicating that liquidity has been absorbed, which could lead to further upside.
A market structure break (MB filled) suggests past resistance turned into support.
2. Technical Indicators:
Exponential Moving Average (EMA 200, red line) is at $2,709.123, which is significantly below the current price. This suggests that gold is in a strong uptrend.
Relative Strength Index (RSI, 14 close) is at 68.56, nearing the overbought zone (70) but still has room for potential upside.
3. Projected Movement:
The chart suggests a potential pullback (small consolidation) before further upward movement.
Fair volume ranges (marked in red) indicate levels where price may slow down or consolidate before continuation.
Price is above key liquidity levels, which may act as support.
Conclusion:
The trend remains bullish, and the price could continue rising after a minor consolidation.
Key levels to watch:
Support: Around $2,800 (former liquidity level).
Resistance: Next potential target is $2,840 - $2,860.
Risk Consideration: RSI is approaching overbought levels, so a short-term correction could occur before another push higher.
