FX.co ★ Noir | XAU/USD, GOLD

Gold Intraday Forecast: We are currently analyzing the movement of gold prices and discussing its trend. Gold prices are currently within a descending triangle pattern, suggesting an uncertain situation. Last week, there were attempts to lower the price, but it encountered resistance at the upward support line and rebounded towards the center of the triangle. The technical aspects of the market are clear, with precise rebounds from the upper and lower boundaries, opening up the possibility of breakouts in future price movements. It is important to monitor the extreme levels formed during these rebounds and observe breakouts that go above these levels, rather than simply breaking out of the triangle. Breakouts would indicate future growth. The trend is bullish on a monthly, weekly, and daily basis, supported by wave structure and the Commodity Channel Index (CCI) at the upper limit of the overbought zone. If the horizontal resistance level of 4544.13 is broken upwards, this level will become a support zone and an entry point for an upward movement in the target range of 4510.13 to 4621.13. Conversely, if the horizontal support at 4544.13 holds, it could act as resistance, potentially leading to a decline to around 4418.13.

As the price approaches these levels after a breakout, moving to shorter timeframes such as 15 minutes would act as an additional filter against false breakouts. Analyzing the broader context, we see a crucial third wave, composed of two waves, intersecting at two Fibonacci retracement levels around 4451.13. This area, particularly around 4452.13, is a platform for buyers and hides stop-loss points for overconfident buyers. Therefore, the sell targets between 4516.13 and 4526.13 and the profit target at 4451.13 are consistent with the overall trend and could generate significant profits of at least 6500 pips in the medium term.