Gold Bullish Reversal from Demand Zone Targeting 4320 ResistanceGold has displayed a strong bullish rejection from the 4,220–4,240 demand zone, signaling that buyers are stepping back in after a brief corrective phase. The price has respected the previously broken ascending trendline, now acting as dynamic support, indicating that market sentiment remains positive.
Key Observations:
Trend Structure: The broader trend continues to favor the bulls, with higher highs and higher lows still valid.
Demand Zone: Buyers defended the 4,220–4,240 area with stxrong volume, confirming institutional interest.
Price Action: Recent bullish engulfing candles suggest renewed buying momentum.
Next Resistance: The 4,310–4,330 region stands as a key resistance zone where partial profit-taking could occur.
Volume: Noticeable increase in bullish volume near support adds confirmation to the move.
Trading Outlook:
If price sustains above 4,240, the bias remains bullish toward 4,320–4,340.
A daily close below 4,220 would invalidate this setup and shift focus back to the 4,100 zone.
Summary
Gold is currently positioned for a potential continuation of its primary uptrend, with early signs of buyer strength re-emerging at major support. Momentum remains in favor of the bulls as long as the 4,220 base holds firm.
