XAU, #gold continues to move below 4646. It may rise towards the 4831-4871 range.


This area is also a zone where sellers are strong.
If it cannot stay above 4870, a decline is expected.
To get a clear signal regarding the decline, we are monitoring the 4646 bottom. If it breaks, the decline continues.
It may fall towards the Fibonacci 0.618 support at 4382.
If it holds at this support, a re-attempt to rise occurs.
If buyers cannot find support at this level, we will follow the support at 4094.
If it stays above 4870 and the rise continues, we will monitor the levels 4914-4900-5119.
The 4900-5119 zone may be reached.
If it closes above the 5421 peak, the continuation of the rise is expected.
Looking at the main structure, after a long rise, it is moving in a resting zone.
There is still a possibility of testing the peak.
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