XAUUSD | Technical Analysis on 1 Hour time frame GOLD (US$/OZ)TVC:GOLDMrBeto5The Gold identifies a clear "sideways" range or consolidation channel that has been established over the last two weeks. Major Resistance Zone: $4,840 – $4,860. Price has tested this area multiple times near the 7th, 13th, and 19th of the month) but failed to sustain a breakout, indicating strong selling pressure and supply at these levels. Major Support Zone: $4,680 – $4,700. This is a critical demand zone where buyers have stepped in to prevent further declines. Current Price Action The price is currently trading at $4,708, showing a significant intraday drop of -2.36%. Momentum: The recent candles show aggressive bearish momentum as the price plummeted from the resistance high near $4,880 down toward the support floor. The "Bounce" Projection: The Predicted arrow on the chart technical expectation of a bullish reversal at the $4,700 support level. This is a classic "Buy the Support" setup, targeting the upper resistance zone again. Market Indicators & Structure Market Structure: The market is in a "Range-Bound" phase. Until a decisive break occurs above $4,860 or below $4,680, the price is likely to continue bouncing between these two levels. Candlestick Pattern: The most recent price action shows a slight deceleration in the downward move as it nears the support zone, which may lead to a "double bottom" or a consolidation before a move upward. Bullish Scenario If the price holds steady above the $4,680 – $4,700 support zone, we can expect a move back toward the midline ($4,760) and eventually a retest of the $4,840 resistance. Entry: Near $4,700 (with confirmation of a bullish reversal candle). Target: $4,840. ⚠️ Disclaimer: This is only for educational purposes. I'm not you Financial advisor.