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XAU, #Gold closed below the 4646 level on the 4-hour chart. This is a sign that the decline will continue.
The Fibonacci support levels are at 4586 (38.2%) and 4382 (61.8%). If it holds at any of these supports, there will be another attempt to rise. It could rise toward the 4831-4871 range.
This region is also a zone where sellers are strong. If it cannot stay above 4870, a decline is expected.
If the decline continues, the next support is at 4094. This is the bottom level where buyers appeared during the last wave of decline. This area is an important support. A rebound could occur again.
Looking at the main structure, it is moving in a correction phase after a long upward trend. There is still a possibility of testing the high again.