XAU, #Gold cannot close above the 4893 level, and selling pressure continues.


As we approach the resistance zone of 4806–4741, it is coming closer. For now, sellers still appear strong in the short term.
In downward movements, the first support is at the 4611 level on the 4-hour timeframe. We may see short-term buying around this area.
The critical zone is at the 4512 level. If the price remains below this bottom, selling pressure could continue down to the Fibonacci 0.618 support at 4399. This area will be the first significant defense line in the short term.
Below 4399, we will monitor the support zones at 4266 and then 4094.
Especially the 4094 zone is an important support because it is an area where buyers re-entered during the last sharp decline wave.
Looking at the overall structure, since the chart is in a consolidation phase within an upward trend, there is still a possibility of testing the peak zone again.
XAU0.03%
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