On the H4 timeframe, XAUUSD is showing a clear bearish phase after breaking below a key support zone. Currently, gold remains within a large downtrend channel and is trading below the Ichimoku cloud, indicating that the main trend is still leaning towards selling pressure.
The 4,360 level has now shifted from support to near resistance. If the price rebounds to this area but fails to hold, it could be a retest before selling pressure continues to expand. With strong US NFP data, a supported USD, and yield support, gold lacks the momentum for a sustainable recovery.
The next downside target is around 4,230, coinciding with the lower end of the price channel. Only when XAUUSD regains the 4,400-4,420 range will short-term downward pressure show signs of slowing down.
Reference strategy:
SELL around 4,350-4,360 if there is a rejection candle.
SL: over 4,400
TP: 4,280 – 4,230