Gold 4H-figment of my imagination. Chart Overview:
Timeframe: 4H (MCX)
Current Price: ₹95,524
Volume: 1.6K
Trend: Short-term bearish
📉 Observations:
1. Break of Support Zones:
Multiple support zones have been drawn on the chart:
Around ₹96,200, ₹94,700, ₹91,800, and finally near ₹86,600–82,200.
Price is now trading below the ₹96,200 support, showing clear weakness.
2. Structure:
This looks like a lower high – lower low formation.
Recent price action has broken previous swing lows, indicating bearish momentum continuation.
3. Next Key Supports:
₹94,700 – could act as the next immediate support (minor bounce possible)
₹91,800 – stronger historical zone
₹86,600 to ₹82,200 – major demand zone (strong support last seen in April)
4. Volume Analysis:
Volume hasn’t spiked significantly on the recent fall, suggesting no panic yet, but also lack of buying interest.
📌 Conclusion:
The trend is weak and corrective, favoring sell on rise until price reclaims ₹96,200 convincingly.
Safe buy zone: Near ₹91,800–₹86,600, if price shows reversal signals.
Watch out: If ₹91,800 breaks, ₹86,600 or even ₹82,200 could be tested.
