Gold (XAU/USD), Technical Analysis – H1

An intense decline in prices is currently underway. The nearest strong support levels capable of halting this move are $4,030 and $3,960. At these zones, sufficient demand may emerge to spark an upward rebound. Sellers are likely to take speculative profits here, which could further ease downward pressure.

Key Levels:

□ $4,030 — Near-term support

□ $3,960 — Stronger support

□ $4,100 — Key medium-term resistance

Primary Scenario:

Decline toward $3,960, followed by an upward rebound.

Alternative Scenario:

Rebound from $4,030 toward $4,100, then resumption of the downtrend.

Analyst Commentary:

The $4,100 area remains the key zone for medium-term selling. Intraday, traders can also utilize emerging buy signals at the highlighted support levels.