XAU, #Gold just faced resistance at the 4806–4741 zone, which I indicated would likely be a strong selling area.

For now, the market behavior shows that sellers still haven't relinquished control in the short term.
Especially as long as it cannot stay above the 4893 level, downward pressure may continue.
In downward movements, the first significant support is at the 4611 level on the 4-hour timeframe.
It is possible to see short-term corrective buying in this area, because after sharp declines, the market generally seeks balance at initial support levels.
However, the critical zone is at the 4512 level.
If the price stays below this dip, selling pressure could continue down to the Fibonacci 0.618 support at 4399.
I think this zone will be the first important defense line in the short term.
Because in investor psychology, Fibonacci zones like this can trigger the perception of “new opportunities forming.”
Below 4399, we will monitor the support levels at 4266 and then 4094.
Especially the 4094 zone is a key support area because it was where buyers re-entered during the last sharp decline wave, making it important both technically and psychologically.
Looking at the overall structure, it is still premature to say that the main upward trend has been completely broken.
Currently, the picture indicates a pause and a search for balance within the upward trend.
Therefore, the possibility of retesting the peak area in the medium term still remains.