Mobarok Hossain
April 25, 2024
Spot Gold (XAU/USD) has reached a critical technical turning point after completing its Wave (5) impulse downward into the 4,120 – 4,148 demand zone. Following the liquidity sweep, price action is exhibiting early signs of buyer absorption, setting up a potential multi-wave recovery toward overhead supply levels.
Wave (5) Demand Sweep: The prolonged sell-off completed its final wave phase into the major green demand block near 4,120 – 4,148.
Structure Shift (BOS): Price is pushing above local minor structure at 4,148.185, confirming a shift in immediate order flow.
Overhead Supply Target: The primary upside target for this recovery leg lies within the major blue supply block around 4,294.107.
Primary Setup (Bullish Rebound):
Entry Confirmation: Lower-timeframe retest and holding pattern above the 4,148.185 flipped support level.
Upside Target: 4,294.107 (Major Overhead Supply Zone).
Invalidation: A sustained 1H candle close back below 4,120.00 invalidates the immediate relief setup.
Traders should monitor price action around 4,148.185. Sustained acceptance above this flipped structure validates the bullish scenario targeting 4,294.107.
Disclaimer: This analysis is provided strictly for educational purposes and does not constitute financial advice.
