$XAU #Gold has activated the Libra formation as expected on the hourly chart and is approaching its first target, testing the 4580 peak, but this level will also act as resistance.

If it does not close above it, another decline may occur.
When it stays below 4336, the decline could continue down to the harmonic formation reversal zone, which is the 4186-4140 blue box area, where a potential formation could occur.
This area is the reversal zone of the formation and is a region where buyers may come in. Gold could start a new upward wave from here.
The targets are 4512-4700-4800 levels. Stop level: a close below 4095 on the daily chart.
In an upward move, for us to say that buyers have strengthened, there must first be a close above the 4776 peak.