š Market Structure Analysis (GOLD ā 1H Chart)
1. Overall Trend
- The market is currently in a bullish structure, making higher highs and higher lows.
- Price recently made a strong impulsive move upward, followed by a pullback into a previous support zone.
2. Key Zones Marked on Your Chart
šŖ Major Support Zones
- Lower purple zone: This is a strong demand area where price previously rejected and pushed upward.
- Price bounced here again, showing buyers still active.
šŖ Mid-level Support Zone
- Price recently pulled back into this zone, found buyers, and started moving up again.
š„š© Supply Zone (upper pink box)
- This is the key decision point.
- Price is currently retesting this supply area.
- Market will either break above and continue bullish OR reject and move down.
3. Possible Scenarios (Based on Your Arrows)
š Bullish Scenario
- If price breaks above the top supply zone and closes strongly:
- Expect continuation to the upside.
- The long green box on your chart is a potential long target zone.
- Valid as long as price stays above the mid-level support.
š Bearish Scenario
- If price rejects the supply zone:
- Expect a move back down toward the mid support zone.
- A deeper rejection could target the lower major support zone (your far-right downward arrow).
4. Indicators
- The moving averages (blue and orange) are crossed bullish currently.
- Price is trading above both MAs, signaling short-term bullish momentum.
5. Summary
- Trend: Bullish
- Current position: Price retesting supply
- Decision point: Break ā Buy continuation / Reject ā Sell retracement
- Both bullish and bearish arrows you drew are valid depending on reaction at the supply zone.
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