My View on Gold H4 Timeframe

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Based on the provided 4-hour timeframe chart for Gold (XAU/USD) from TradingView, published on June 15, 2025, here’s a technical analysis with the closing price at $3,434.55:

Price Action: The price is testing resistance near $3,434.55, aligning with the upper boundary of a consolidation zone between $3,326.035 and $3,434.55. A breakout above this level could target $3,452.982, while a failure may lead to a pullback.
Support and Resistance:
Support: Key support levels are at $3,326.035 and $3,260.560 (previous low).
Resistance: Immediate resistance is at $3,434.55, with further levels at $3,482.982 and $3,496.962.
Trend Indicators: The upward-sloping moving averages (e.g., 80.596K, 128.697K) suggest a medium-term bullish trend. The price is near the upper trendline, indicating potential overextension.
Trading Signals:
Long: Consider long positions if the price breaks and holds above $3,434.55 with strong volume.
Short: Short opportunities may emerge if the price rejects at $3,434.55 with bearish candlestick patterns (e.g., shooting star).
RSI: The RSI around 60-70 (based on the chart) indicates nearing overbought territory. A drop below 50 could signal a correction.

This analysis is based on the chart's visual data.https://www.tradingview.com/chart/68iTGuqV/

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