Low-level box consolidation may bring a turning point!

Recently, gold prices have continued to weaken and probe lower levels, with a clearly evident downward structure overall. As the price approaches the prior daily support area, uncertainty in the market has increased.
Judging by the chart performance, the market is currently maintaining low-level consolidation. Compared with the earlier rapid selloff, the downside momentum has clearly weakened. For now, there is no clear reversal signal in the medium- to long-term trend. The ongoing low-level consolidation shows the chart characteristics of range-bound consolidation and bottoming, and it should not be viewed as only a bearish market/short-bear move.
There is one short-term chart formation worth watching: this pullback’s low is higher than the low from the previous round. Going forward, you can continue to monitor how the price behaves around the resistance above the range. Even if the price stands above the range resistance in the short term, it would only be a technical rebound after the decline and cannot be taken as a direct confirmation of a major trend reversal.