Looking at gold prices from a technical perspective on the H4 chart, we can see a very strong, dynamic upward trend. The price broke above previous highs and exceeded the range of 161.8% of the last downward correction. The impulse reached around USD 4,880–4,890, where the first clear supply reaction appeared. The latest upward impulse is significantly larger than previous corrections, confirming the dominance of the demand side. According to the Overbalance methodology, as long as the price remains above the lower limit of the 1:1 geometry at USD 4,641 and the key support in the USD 4,680 area, the baseline scenario remains a continuation of the upward trend. Any pullback into this area may be corrective in nature and merely a pause before further upside movement. Only a sustained break below this zone could open the way for a deeper decline towards USD 4,547 or USD 4,380.
Gold – H4 interval | Source: xStation5
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