XAUUSD (Gold vs US Dollar) Buy PositionGoldOANDA:XAUUSDVerifiedtrader071. Market Overview The chart displays the 4-hour (H4) price action for XAUUSD (Gold vs US Dollar). The price is currently trading near a significant horizontal resistance level at approximately 5160.627. The overall chart structure shows extreme historical volatility followed by a steady recovery phase. 2. Trend Analysis Primary Trend: Long-term Bullish. Despite a massive "flash-crash" style correction seen in late January, the asset has maintained an upward trajectory over several months. Secondary Trend: Bullish Recovery. Since the major spike low near 4400, the market has been forming a series of higher highs and higher lows. Momentum: Strong Bullish. The current price action shows consistent green candles as it approaches a key overhead resistance line. 3. Key Levels Immediate Resistance: 5160.62 (Current level - marked by the teal horizontal line). Major Resistance: 5303.80 and the ultimate peak at 5568.85. Immediate Support: 5038.75 (Recent swing low). Major Support: 4879.72 (Confluence zone) and the "crash" floor near 4402.63. 4. Technical Observations Resistance Rejection: The price is currently knocking on the 5160 resistance. We see a small upper wick on the most recent candle, suggesting sellers are active at this level. V-Shaped Recovery: The market has successfully recovered more than 60% of the massive drop experienced in late January, indicating strong underlying demand for Gold. Market Structure: We are seeing a "Cup" formation or a rounding bottom recovery. A clean break above 5160 would confirm a continuation of the bullish cycle toward the previous highs. 5. Trading Suggestion Strategy: Bullish Breakout Wait for a confirmed H4 candle close above the horizontal resistance line before entering. Potential Entry Zone: 5175.00 - 5190.00 (Following a breakout and successful retest of the 5160 level). Suggested Stop-Loss (SL): 5030.00 (Placed below the most recent swing low to protect against a false breakout). Suggested Take-Profit (TP) Levels: TP1: 5300.00 (Previous minor peak). TP2: 5460.00 (Final major liquidity zone before the ATH). Alternative: If the price fails to break 5160, look for a "buy the dip" opportunity near the 5040 support zone. 6. Risk Warning Trading Forex and Commodities involves significant risk to your invested capital. Technical analysis is based on historical price data and does not guarantee future results. Always use proper position sizing and risk management. This report is for educational purposes and does not constitute financial advice.