Gold : 1-hour Chart OverviewGOLD (US$/OZ)TVC:GOLDsnourGOLD GOLD 1-hour Chart 1. Price Action & Market Structure •Current Price: The asset is trading at 4,313.06, currently showing a mild intraday upward bias of +0.08%. •The Bullish Path (Breakout Attempt): The price is making a series of higher lows following its bottom near 4,000 on June 11. Your projected bullish path indicates a move toward the major descending trendline (solid teal line) with a target near 4,470. •The Bearish Path (Gap Fill): Conversely, if the immediate resistance fails, the alternative scenario points to a correction downward to test the 4,219 – 4,260 gap area (marked by the orange horizontal lines). This gap acts as a crucial support zone; holding it is essential to maintain the recent short-term bullish momentum. •Major Support: The long-term psychological and structural floor is well-defined by the orange dashed line just above the 4,000 mark. 2. Momentum & Indicator Analysis MACD (12, 26, 9) •Bearish Crossover: Within the green box on your indicator pane, the MACD line (blue) has crossed below the signal line (orange) above the zero baseline. •Histogram: The histogram has turned red and is expanding downward, indicating that short-term bullish momentum is waning. This supports the possibility of a short-term pullback toward the gap before any sustained move to 4,470 can materialize. RSI (14) •Cooling Down: The RSI is currently sitting at 53.50, having pulled back from near-overbought territory (around 70–75) during the June 15 peak. •Stochastic/Signal Line: The RSI line has crossed below its yellow moving average (67.19), reflecting a short-term loss of upward velocity, though it remains in neutral territory above 50. 3. Trading Scenarios to Monitor ______ Scenario # 1 Bullish Continuation (Breakout Path) Key Level to Watch: 4,350 (Recent swing high) Confirmation Signal: MACD lines flattening or re-crossing upward in the indicator pane, accompanied by the RSI bouncing back above 60. Objective / Target: A sustained move targeting 4,470 at the descending solid teal trendline. ______ Scenario # 2 Corrective Retracement (Gap-Fill Path) Key Level to Watch: 4,260 (Top of the established gap) Confirmation Signal: Sustained trading or an hourly candle close below 4,300, paired with the MACD histogram accelerating further into negative territory. Objective / Target: A corrective drop to re-test and fill the gap down to 4,219 to accumulate fresh structural strength. Given the current MACD bearish crossover on the 1-hour timeframe, a brief consolidation or a dip to test the 4,219 – 4,260 gap appears structurally healthy and highly probable before the market can muster enough volume to challenge the heavy overhead resistance near 4,470.