XAU, #Gold, in the 4-hour chart, the first Fibonacci support is at 4586. Since there was a close below this level, the decline may continue after a rebound as a reaction to the drop.

Looking at the small bottom formed now, as long as it stays above the 4512 bottom, the 4556 level can act as support and the upward movement can continue. It may test 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, we will follow the Fibonacci 0.618 support at 4399. If support cannot hold, lower supports are at 4266 and 4094 levels. These are the bottom levels where buyers entered during the last wave of decline. This area is an important support. A rebound may occur 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.