Gold at 4,492 support — push to 4,578 resistance or cooling phase first? | XAUUSD May 29

Hi, I'm Daniel, an 8-year veteran prop trader, helping beginners learn to trade. I run the FX Trading Lab community for all skill levels. For more details, check the description box below this video.

Today I'll cover gold technical analysis from Trading Lab. I'll mix in some community content as we go, starting with the 1H chart. Here's a quick short term view of the chart.

Let me walk you through what happened leading up to yesterday. A strong downtrend had been holding, but recently price stalled at this Doji candle. A strong breakout candle formed, signaling a clear trend shift higher.

The recent high broke out further upward, confirming a full uptrend. This reflects a strong upward momentum driving a clear bullish reversal. Within this swing structure, the Tokyo session has once again set a new high.

While updating highs, the early morning session has also successfully raised its lows. So technically, the trend bias is shifting bullish from here. Check the 5-min chart from Tokyo session onward.

which shows a trending trading range with tail movement so the pullbacks here tend to run quite deep, so be aware so keep that in mind as we move into our usual session breakdown we'll cover the Tokyo session in closer detail as well the prior day formed a key-level pin bar pattern on the chart here right here at this low, forming quite a long lower shadow and a key level the body is fairly large, with the upper wick being slightly shorter than usual

this forms a rare type of key-level pin bar, which was yesterday's focal point this wide sideways range, using these two candles as reference the key question was whether price could break out above this sideways range but ultimately the prior day failed to deliver a clean confirmed breakout from the range it has already updated yet reversed back to act as a key support level this is forming with a solid real body, signaling a very strong bullish

reversal so we're essentially looking at this sideways consolidation range here so I'm expecting price to push up and test that upper resistance level as the next target I'm also watching for sideways range-bound price action to continue within this zone. The Doji candle that appeared has already completed its role as a signal. I'm reading this as the end of that sideways consolidation range.

So we can conclude the measured move decline is now complete. This level has likely completed its role in the larger picture. Looking to cool off before targeting this recent high.

So short term, the bias stays bullish with a pullback cooling phase. This setup suggests we are currently seeing a temporary interest signal forming on the chart. I covered this in yesterday's Trading Lab stream, which I'll recap now.

For a deeper breakdown, check out the Trading Lab community. That content is exclusive, so it won't be shared on YouTube. Today I'll keep it simple and cover just five key points.

First, regarding yesterday, let me cover the directional bias point. Right now we're clearly seeing a sustained downtrend structure continuing on the chart. So shorting was really the only logical trade to consider here.

I was also explaining the mindset you need when trading inside a strong trend like this. These are the buy setup and the sell setup conditions respectively. I've explained the key mindset for reading the market correctly.

For Trading Lab members, this gives you highly repeatable signals. Please review yesterday's recap carefully. Now, the third point covers the prior day's Daniel reviews the market as usual in this section.

But in the prior day's New York session, near a key price level, a strong rejection move, followed by a reversal that completely cancelled that bounce out. signaling a strong move lower in price action This pattern has been confirmed, so let's focus on it closely We can also see long wicks on both ends of this candle here. Depending on conditions, this shows both bull and bear unrealized profit states.

It helps us predict price direction, which I will now explain. Finally, the lowest possible target low on the 1-hour timeframe. Here I covered the calculation method and specific rate based on the recent range width.

In the end, the previous day's price action showed exactly this pattern. This request completely shifted the market dynamic right here. There was a significant shift in the power balance, with strong bearish momentum.

But on the 1H chart, bearish momentum was clearly dominant. After that, on the 5-minute chart, price moved into a bullish zone. it formed a setup, then retested the origin point exactly as theory suggests that bearish doji candle then triggered the upside breakout signal creating momentum that further accelerated the bullish trend move price broke above the recent high and cleared the Tokyo session high confirming the uptrend after midnight the price action shifted and a new market move began to develop higher lows formed and Tokyo session confirmed higher highs too this trend

structure remains intact and has not broken down yet as mentioned, the cooling base still has room to push higher so for today, our directional bias on gold remains firmly to the upside the trend direction confirms our bullish outlook on gold That's all for today's analysis.