Overall Trend: The broader short-term trend remains bearish, but recent price action shows consolidation near the recent lows, without confirmation of a new bearish leg so far.
Current upward moves are still considered corrective rebounds within the broader bearish trend unless price breaks above 4165–4180 and closes decisively above this zone.
Holding above 4104–4094 may support a continuation of the short-term corrective rebound, while a clear break and sustained move below this zone could renew selling pressure.
Momentum: Overall momentum remains bearish, although gold is currently moving sideways between key support and resistance zones. Price remains below the 4165–4180 resistance area, with recent recovery attempts failing to sustain higher levels.
Continued selling pressure and a break below 4104–4094 could lead to a test of 4095–4087, followed by 4070–4062. Holding above the main support zone may support another bullish rebound attempt. However, improving bullish momentum requires a clear breakout and close above 4180–4188, with caution warranted against false breakouts during economic releases.
Potential Support and Buying Zones: 4109–4102 4095–4087 4070–4062
A clear break and close below 4062 could renew selling pressure and open the way toward: 4049 → 4037 → 4022
Potential Resistance and Selling Zones: 4150–4160 4167–4174 4180–4188
A clear breakout and close above 4188 could support a further corrective rebound toward: 4198 → 4213 → 4229
KEY LEVEL 4104–4094
Holding above this zone: May support a continuation of the corrective rebound toward higher levels, while the broader bearish bias remains in place below the main resistance zones.
A clear break and close below this zone: Supports the possibility of renewed selling pressure toward the next support levels.
Market Factors: Markets are awaiting U.S. Producer Price Index (PPI) data, retail sales, unemployment claims, and manufacturing indicators. These releases follow higher-than-expected U.S. inflation, which has renewed concerns about tighter monetary policy. However, a weaker dollar has helped support gold’s recovery. The upcoming data may increase volatility, with gold remaining sensitive to movements in the U.S. dollar and Treasury yields.
Disclaimer: Avoid entering trades without clear confirmation signals. Always adhere to proper capital management, stop-loss placement, and risk management.