GOLD HITS MONTHLY POI / TUESDAY(11-FEB-2025)

Gold (XAU/USD) 1H Chart Analysis:
Current Market Structure:

The price is in an uptrend, breaking previous resistance levels.
A pullback or correction is anticipated after the recent surge.
Key Levels:

Resistance at $2,957.62 (Red Zone): Strong resistance where price may reverse.
Intermediate Resistance at $2,942.71 (Pink Line): Potential reaction zone.
Support at $2,896.37 (Green Dashed Line): Price could test this level if it retraces.
Demand Zone at $2,882.42 (Blue Box): Strong support area for potential buying interest.
Projected Price Action (Blue Lines):

The chart suggests a potential double-top formation at resistance levels.
Expect a possible rejection at $2,942.71, leading to a retracement.
If price breaks above, it could reach $2,957.62 before a significant drop.
A potential drop back to the support zones around $2,910 - $2,896 is expected.
Market Sentiment:

Bullish in the short term but facing resistance.
Potential reversal pattern forming.
Traders may look for short positions near resistance and long positions near support.
Trading Strategy:
✅ Bullish Scenario:

A breakout above $2,957 could signal continuation toward higher levels.
Confirmation with strong volume is needed.
❌ Bearish Scenario:

A rejection from resistance could trigger a sell-off toward $2,896 or lower.
Look for confirmation signals like bearish candlestick patterns.