A single candlestick displays the session high, low, open, and close prices, providing a static view of bull-bear confrontation within a specific timeframe. However, isolated bars cannot reveal whether price momentum will persist.

On a candlestick chart, an upper shadow represents the price range between the session high and the upper boundary of the real body. Shadows reflect the full high-low range reached during a period, while the real body reflects the opening and closing prices. A long upper shadow indicates that prices rallied significantly during the session but were pushed back down by sellers before the close, rather than serving as definitive proof of a market peak.

A candlestick pattern appears to be composed of four prices: open, close, high, and low. However, what it truly expresses is the change in the balance of power between bulls and bears over a period of time. Many beginners tend to interpret a specific pattern in a fixed way as either bullish or bearish.

In the precious metals market, support and resistance levels are the most fundamental yet critically important concepts in technical analysis. A support level refers to the "bottom" zone that prices may encounter during declines, meaning market demand increases and prices struggle to fall further.

Dow Theory was proposed by Charles Dow in the late 19th century and stands as one of the most fundamental and influential theories in technical analysis. The core premise of Dow Theory is that market price fluctuations are determined by market trends, and all market information—including economic, political, and psychological factors—is already reflected in prices.