#GOLD *Gold Rejects $4,520 Resistance on 1H Chart, Pullback to $4,511 Likely*
Gold is pulling back after failing to hold above $4,520 on the 1-hour chart, trading at $4,517.58. Price rallied 2% from the $4,450 low but hit sellers right at the marked resistance zone.
*What the Chart Shows:*
*1. Rejection at $4,520 Supply Zone*
The gray line at $4,520.79 acted as resistance. Price spiked to $4,526 but immediately sold off, leaving a red 1H candle. The red box above marks the supply zone up to $4,541.81 where sellers stepped in again.
*2. Bullish Structure Still Intact Above $4,511*
Despite the rejection, gold holds higher lows since the $4,454 bounce on May 28. The green zone at $4,511.60 is the first support. As long as price stays above it on the 1H close, the intraday uptrend stays valid.
*3. Key Levels for Next Move*
- *Resistance*: $4,520.79 and $4,535.65. A break above $4,541.81 opens $4,550+.
- *Support*: $4,511.60 immediate support, then $4,479.38 and the swing low at $4,454.90.
- *Current Price*: $4,517.58, down 0.07% after the rejection.
*What to Watch:*
This looks like a healthy pullback inside an uptrend. If gold holds $4,511.60 and reclaims $4,520, buyers will target the $4,535-$4,541 zone again. A break below $4,511 flips short-term bias bearish and risks a drop to $4,479.
*Outlook:*
Short-term bias is neutral to bullish above $4,511.60. The next move depends on whether buyers defend the green support zone on the next dip.
_Note:
1H levels are for intraday trades. For trend direction, check the 4H and daily close above $4,500._