OVERALL TREND: Gold remains bearish in the short term, with prices continuing to trade below the 4225–4240 zone, keeping selling pressure in place.
Any upward movements are still considered corrective rebounds unless price breaks above the 4225–4240 zone and closes clearly above it.
On the other hand, holding above the 4150–4135 zone may support the continuation of the short-term corrective rebound, provided clear confirmation signals emerge.
MOMENTUM: Momentum remains tilted to the downside, with sellers maintaining the advantage below the 4225–4240 zone. However, holding above the 4150–4135 zone may support the continuation of the short-term corrective rebound.
Any confirmation of improving momentum remains dependent on price breaking above resistance zones and closing clearly above them, while caution is warranted around false breakouts that could determine the next market move.
POTENTIAL SUPPORT & BUYING ZONES: 4151–4143 4136–4129
A clear break and close below 4130 may bring renewed selling pressure and open the way toward: 4113 → 4096 → 4079
POTENTIAL RESISTANCE & SELLING ZONES: 4177–4184 4196–4203 4220–4228 4239–4245
A clear break and close above 4240 would increase the probability of an upward corrective move toward: 4260 → 4285 → 4307
KEY LEVEL 4150–4135
Holding above this zone: Supports the continuation of the corrective rebound toward higher levels, while the bearish bias remains intact below the main resistance zones.
Breaking below this zone and closing clearly underneath it: Supports the possibility of further downside toward the next support levels.
MARKET FACTORS: Markets are awaiting the release of U.S. initial jobless claims, along with the final manufacturing PMI, ISM Manufacturing Index, and construction spending data. Markets are also monitoring comments from several Federal Reserve officials, while a stronger U.S. dollar and elevated Treasury yields keep gold sensitive to economic data and interest-rate expectations throughout today’s trading session.
DISCLAIMER: Avoid entering trades without clear confirmation signals. Always adhere to proper capital management, stop-loss placement, and risk management.