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XAU, #gold The decline continues. On the 4-hour chart, the first Fibonacci support level is at 4586. Buyers do not seem strong yet. If a bottom formation occurs, there could be a rise as a reaction to the decline.
If it cannot stay at the 4586 level, we will follow the Fibonacci 0.618 support at 4399. If it holds at any of the supports, there will be a reattempt to rise.
It could rise towards the 4700-4800 range. This area is also where sellers are strong. If it cannot stay above 4870, a decline is expected.
If the decline continues, the next supports are at 4266-4094. These are the bottom levels where buyers appeared during the last wave of decline. This region is an important support. A rise could happen again.
Looking at the main structure, it is moving in a resting zone after a long upward trend. There is still a possibility of testing the high.