XAU, #gold continues to maintain its bottom at 4646. It may rise toward the 4831-4871 range. This area is also a strong zone for sellers.


A decline may occur.
To get a clear signal regarding the decline, we are monitoring the 4646 bottom. If it breaks, the decline will continue. It may fall toward the Fibonacci 0.618 support at the 4382 level. If it holds at this support, a rebound attempt may occur.
If support cannot be found, we will follow the support at the 4094 level.
If the rise continues and it stays above 4914, the upward movement may continue toward the 4900-5119 range. This area could act as resistance during the rise. Profit-taking may occur.
If it closes above the 5421 peak, an extension of the upward trend is expected.
Looking at the main structure, after a long rise, it is moving in a consolidation zone. There is still a possibility of testing the high again.
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