From TradingView · · 50s
Gold's 4160 Decision Point
Gold faces critical decision at 4160 as daily wedge and hourly pullback clash.
In brief
Gold faces critical decision at 4160 as daily wedge and hourly pullback clash. Gold's price at 4160 could confirm bullish daily wedge breakout or hourly bearish pullback. Originally reported by TradingView.
Current Gold Position
Gold sits at 4160 as daily and 4-hour charts show bullish structure while hourly chart indicates bearish pullback.
Daily Chart Narrative
March saw price dip under 4402.38 and failed to hold, June had 43 candles of chop between 4023.87 and 4366.23.
4-Hour Bullish Setup
4-hour chart shows completed bump and run reversal bottom with price holding above 4154 support.
Hourly Bearish Pullback
Hourly chart shows head and shoulders top broken with price retesting 4160 fair value gap.
Trade Thesis
Holding above 4100-4120 bullish order block could confirm daily wedge breakout before 4254.80 target.
The main idea
Gold's price at 4160 could confirm bullish daily wedge breakout or hourly bearish pullback.
