Gold Price Pushes Toward $4,370 as XAUUSD Faces Key Liquidity Test

Gold has rebounded from approximately $4,340 and is now in the vicinity of $4,366.33 in the newest chart from TradingView. In the latter part of the chart, price has been ramping higher, with a final stretch touching intraday resistance peaks around $4,370.

The 3 charts, however, indicate conflicting technical signals. The first bearish pattern is pointing to a much greater retracement, and the liquidity map indicates that there are some big bearish and bullish order concentrations.

XAUUSD Rebound Tests $4,370 Area

Gold is slowly moving down from above $4,370 on the TradingView 1-minute chart and is now coming into the lower $4,340 area, where it’s gaining support.

Price then picked rebound $4,345 to $4,355. The latest move was above that short-term range and has seen XAUUSD moving back towards $4,366.

The Bollinger Band signals indicate the continuation of the trend when the price moves between the upper and lower bands in a session. Source: TradingView

Lower band signals are seen near some local bottoms, and upper band signals near some short-term peaks.

The latest progress is supporting price consolidation in the upper Bollinger. It has also brought XAUUSD near the previous day’s intraday peaks within the range of $4,368 to $4,370.

This range is now the strongest resistance on the chart in the immediate time frame.

The first close, nearby reference, is the recent breakout area around $4,350 – $4,355, below price. After a few reactions in the $4,340 to $4,345 zone, it’s the deeper intraday support area.

TradingView also has a Chaikin Money Flow panel. The chart makes it clear, however, that the data vendor does not give volume data. The reading from the CMF setup is then not usable to confirm this XAUUSD setup.

Bearish Gold Setup Watches $4,358 to $4,365

There is another bearish scenario from X in the analyst chart. The trader expects to enter the trade in the price range between about $4,358 and $4,365 and to set the stop-loss level at $4,390. The projected low range is $4,250.

Gold is trading around $4,354.58 on the chart and is approaching a rising support trendline. A horizontal level along $4,347.78 also passes through the lower portion of the setup.

The chart forecasts a bounce-off followed by a further sell-off. It is expected to take a downward turn after reaching the $4,360 to $4,365 range. Source: Max Via X

Another Fibonacci level, this one at 0.786, is also located close to the top end of the resistance level.

The bear chart condition is thus a price drop below $4,390. If the analyst is able to create a specific trade setup above the stop level, that would be an invalid setup.

A breakdown below $4,347, on the other hand, would break this bull market support structure in the intraday timeframe chart.

Gold Liquidity Builds Above Current Price

Another analyst chart is an addition to the XAUUSD structure that incorporates a liquidity perspective.

It displays a number of tight liquidity bands over the price. The most powerful overhead clusters are farther away from the trading zone.

A large liquidity build-up is located around the lower end of the previous formation, which is in a liquidity gap below the market.

Thus, the potential liquidity is plotted on both sides of XAUUSD. Price has recently rebounded from the low end of that range and is heading back toward the closely clustered overhead clusters.

The current chart test says that $4,368 to $4,370 is a nearby resistance level, and $4,350 and $4,340-$4,345 are the closest downside reference zones. Source: Billions Via X

This will cause a temporary technical setup. The first chart is a possible rejection from resistance; the liquidity map displays significant positioning above price.

The bearish X pattern continues to have $4,390 as its invalidation level and $4,250 as its target price.