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XAU, #Gold, in the 4-hour chart, we mentioned that buyers came in at the 4512 bottom, and the upward movement continued. Currently, the levels are in the 4600-4700 range, which is resistance; a pullback could occur from here.
If the 4512 bottom is maintained, there is still a possibility to test the 4700-4800 range.
However, this zone is also a region where sellers are strong. If it cannot stay above 4870, a decline is expected.
If the decline continues, the Fibonacci 0.618 support at 4399 is the first important support; if it cannot hold, the lower supports are at 4266-4094 levels. This is the bottom level where buyers appeared in the last downward wave. This zone is a significant support. A rebound could happen again.
Looking at the main structure, there is still a possibility of testing the peak.