Resistance: 4,143 | 4,202
Support: 4,060 | 3,920
Market context:
Gold failed to break the 4200 level this week, which was a key requirement to continue the uptrend in the short term.
A significant amount of selling pressure entered the market at around 4,200 on June 22, leading to a sharp decline over the following sessions. Rejection from this key supply area confirms that sellers remain firmly in control of the current market structure.
On both the H4 and lower time frames, the price continues to print a bearish structure, suggesting that any short-term rallies should currently be viewed as potential bounces rather than trend reversals.
Trading scenarios:
Selling scenario:
Preferred selling areas:
4,143
4,182 – 4,202
Instead of chasing the price down, traders should wait for a significant pullback in resistance before looking for bearish confirmation and potential selling opportunities.
Purchase scenario:
Primary purchasing area:
3,920
The 4060 area may attract some buying interest and produce a short-term reaction. However, this level should not be treated as a blind buying opportunity.
Before considering long trades, traders should wait for a clear bullish market structure on lower time frames, which indicates that buyers have regained control of the area.
Final thoughts:
For now, sellers still have a strong grip on the market. Avoid emotional buying or FOMO entries while trading the price in a clearly bearish environment.
Patience is key. Allow the price to return to higher quality levels and wait for confirmation before committing to the trade.
Structure first. Implementation second.
