Gold Price Forecast for the Next 4-Hour Timeframe

Gold has resumed its upward trend, currently trading above $4700. This follows a period of sideways movement, characterized by previous consolidation. Gold has since surged upwards, finding new support along the aforementioned upward trend line, reinforcing the current bullish outlook.

Let's now examine the most significant scenarios for gold on the 4-hour timeframe and the next target levels.

Expected Scenarios

The first scenario is, of course, an upward move. This includes a rise from the current levels, which are considered very important and strong. As mentioned, gold is supported by an upward trend line with underlying consolidation, providing strong support for the current movement. This suggests an upcoming upward move.

If the upward movement does occur, we expect to see gold target the $4960 level. However, this is a strong selling area that could trigger a corrective pullback.

The second scenario is a return to a near-term downtrend. This scenario is contingent upon breaking the upward trend and current support levels, and closing below them with a 4-hour candle, specifically a candle closing below $4699.

In the event of a decline, we might see gold target the $4587 level, which is considered relatively weak and could be broken if tested. This could further reinforce the decline if the price breaks below $4425.

Currently, technical indicators and price action strongly suggest a continuation of the upward trend towards the selling zones mentioned in the first scenario.