Gold – Chart
Gold Spot has now reached $4,345 on the 2-hour chart. Lower side of descending blue channel is defended near $4,306 by bullish candles, as rejection wicks continue to emerge from lower areas. Bullish candles have formed higher lows from swing low of $4,182 as buyers soak up supply. Meanwhile, 50 period moving average continues to offer support near $4,320.
RSI has held near 52 as market remains neutral with bullish bias. Volume has formed a cluster at the $4,280-$4,320 area, which could act as pivot levels. Resistance continues to be capped by descending trendline near $4,364.
Overall market structure remains neutral to bullish above $4,306 as market trades inside broader down-channel formed from high of $4,575. Market shows fair-value formation along Fibonacci areas and higher lows continue to form.
Trade Idea: Buy at $4,345, targeting $4,364, with a stop-loss at $4,306.