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XAU, #gold, in the 4-hour chart, we said that the first Fibonacci support level at 4586 is not strongly supported by buyers. A close below this level has occurred. After a slight rebound as a reaction to the decline, it may continue to fall again.
We will monitor the Fibonacci 0.618 support at 4399. If a bottom formation occurs, there could be another attempt to rise. It could climb toward 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 and 4094 levels. These are the bottom levels where buyers appeared during the last wave of decline. This zone is an important support. A rebound may occur again.
Looking at the main structure, after a long upward move, it is currently in a resting zone. There is still a possibility of testing the high again.