General Trend: Gold remains short-term bearish, with prices continuing to trade below the 4175–4185 area, keeping selling pressure in place.
Any upward movements should be treated as corrective rebounds unless the 4175–4185 area is broken and clearly closed above.
On the other hand, holding above the 4100–4110 area may support a continuation of the short-term corrective rebound, provided clear confirmation signals appear.
Momentum: Momentum remains tilted to the downside, with sellers maintaining the advantage below the 4175–4185 area. However, stability above the 4100–4110 area may support further short-term upside correction.
Confirmation of any improvement in momentum remains dependent on the price’s ability to break and close above resistance areas, while remaining cautious of false breakouts that could determine the next move.
Potential Support & Buy Areas: 4125–4115
A clear break and close below 4125 may bring selling pressure back and open the way toward: 4108 → 4087 → 4064
Potential Resistance & Sell Areas: 4155–4162 (For scalping only) 4178–4185 4191–4197
A clear break and close above 4197 would support the possibility of further corrective upside toward: 4210 → 4225 → 4241
KEY LEVEL 4100–4110
Holding above this area: Supports a continuation of the corrective rebound toward higher levels, while the bearish bias remains in place below the key resistance areas.
A break and clear close below this area: Supports the possibility of further downside toward the next support levels.
Market Factors: Markets are awaiting U.S. trade data for August, along with the ADP employment reading and comments from Federal Reserve officials. Elevated U.S. dollar strength and Treasury yields remain pressure factors for gold, while reduced expectations of an October rate hike may limit downside pressure, with geopolitical developments continuing to influence gold price movements.
Disclaimer: Avoid entering trades without clear confirmation signals. Always adhere to proper capital management, stop-loss placement, and risk management.