Gold is currently receiving strong support from news that the PBOC has been buying gold for nine consecutive months, bringing reserves close to 74 million troy ounces. This is a strategic move aimed at strengthening financial security and reducing reliance on the US dollar, which has created a positive sentiment in the market.
On the H4 chart, XAUUSD remains range-bound between 3,344 and 3,408, with strong rebounds from the lower support zone. The price structure suggests that selling pressure is weakening, while buying momentum is building a base.
The preferred scenario is that the price will continue consolidating in a narrow range, then retest 3,344 before rising toward the 3,408 resistance and potentially higher if a breakout occurs. As long as support holds firm, the mild uptrend is likely to continue.
On the H4 chart, XAUUSD remains range-bound between 3,344 and 3,408, with strong rebounds from the lower support zone. The price structure suggests that selling pressure is weakening, while buying momentum is building a base.
The preferred scenario is that the price will continue consolidating in a narrow range, then retest 3,344 before rising toward the 3,408 resistance and potentially higher if a breakout occurs. As long as support holds firm, the mild uptrend is likely to continue.
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Top trading opportunities are waiting for you! : t.me/+TaRRH29IRysyNGJl
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.