GOLD UPDATE – Bulls Defend $4,000 Ahead of Powell’s SpeechGold continues to hold firm above the key $4,000 psychological level, even after a sharp correction from the all-time high near $4,059. The market’s focus now shifts to Fed Chair Jerome Powell’s speech, which could set the tone for the next directional move.
Despite the recent dip, the overall structure remains bullish, and the FiboMatrix setup still signals that buyers are not out of the game yet.
Technical Structure (H1 – FiboMatrix View)
Support Zone (BUY Setup):
4010 – 4012 → Retest of breakout trendline + Fibo 0.618 reaction zone.
Strong intraday base where liquidity may reload for another bullish leg.
Reaction Buy Zone:
402x → Potential confirmation area if price reacts positively.
Resistance Zone (ATH):
4060 → Previous intraday top, acting as the first major barrier before retesting 408x.
SELL Reaction Zone:
4084 – 4086 → Fibo 1.5 – 1.618 expansion zone, potential scalp short zone with tight stop above 4090.
🎯 Trading Plan (Francis Strategy)
✅ BUY Setup:
Entry: 4010 – 402x (wait for confirmation).
TP1: 4060
TP2: 4084
SL: Below 3996
⚠️ SELL Setup (Short-term scalp):
Entry: 4084 – 4086 (if rejection forms).
Target: 4040 → 4020
SL: Above 4096
🔑 Francis Outlook
Gold’s short-term correction looks more like a controlled retracement than a trend reversal.
As long as the price holds above the $4,000 handle, the bullish bias stays intact.
👉 Expect potential consolidation before Powell’s remarks, followed by a sharp reaction depending on the tone of his speech.
A clean breakout above 4060 – 4086 will open the path toward $4,100+ and new ATH targets.
🚀 Trend Bias: Bullish above 4010 – Buy the Dip, Sell only at Fibo extremes with confirmation.
