This morning, gold saw a rapid pullback after touching 4140 and is now around 4120. On the daily level, as long as there is no effective breakout above 4206, the broader trend is still biased to the downside/weak. Recently, due to the Middle East situation (such as tensions around the Strait of Hormuz), risk-averse sentiment has remained relatively elevated, and overall price action has been on the stronger side. Over the past two days, it’s likely to move toward 4200.

From the 1-hour chart, after hitting the 4166 high, gold pulled back and is now trading below the Bollinger Band middle line. In the short term, a correction is needed. The first support level below is at 4117; if that breaks, it could retest 4080.

Trading idea: buy the pullback around 4110–4120, targeting 4160, 4180, and 4200.

$XAU ‌