Gold 4H Chart Analysis – Path to New Highs or Rejection?Gold has been forming a bullish structure with consistent higher highs (HH) and higher lows (HL), indicating strong upward momentum. The market is now approaching a key daily supply zone, which could act as a critical resistance area.
If the price successfully breaks above this supply zone, we could witness a continuation of the bullish trend and a potential move toward new highs. However, if the supply zone holds and the price faces rejection, we might see a pullback toward the $2,753 level or even the $2,740 support zone.
The EMA 200 also aligns with the bullish trend, confirming the overall upward bias. Traders should carefully monitor price action at the supply zone for a breakout or rejection to plan their trades accordingly.
Scenarios to Watch:
A breakout above the supply zone could signal further upside potential.
A rejection may lead to a correction toward $2,753 or $2,740.
