Gold, Technical Analysis – H4

Gold continued its decline as expected and remains challenged by the absence of solid support levels. Demand — particularly from short-covering and profit-taking — could be met in the $4,050 zone, which the price may reach after first testing the pivot level at $4,175.

Key Levels:

□ $4,175 (pivot)

□ $4,050 (support)

Primary Scenario:

Retracement to $4,175, followed by a decline toward $4,050.

Alternative Scenario:

Direct decline toward $4,050 from current levels.

Analyst Commentary:

A clear and unambiguous bearish trend. Avoid long positions.