After yesterday’s session, gold closed with a long-bodied bearish candle, showing that selling pressure has become more evident and that the sellers are beginning to take control in the short term. On the H1 chart, price has formed a bearish structure and is moving within a descending channel. However, the larger structure has not yet been broken, so it is still too early to conclude that gold has fully reversed.
What is noteworthy is that buying pressure remains relatively strong. Therefore, the current phase may continue to see deep pullbacks and liquidity sweeps before the market chooses a clearer direction.
Resistance:
4,650 │ 4,660–4,670 │ 4,690–4,700 │ 4,720 │ 4,760 │ 4,800
Support:
4,600 │ 4,580–4,560 │ 4,520–4,500
🎯 TRADING SCENARIOS
Bullish scenario: The 4,650–4,670 zone requires particular attention. If price breaks above and holds above this zone, the market may continue to test 4,690–4,700. Once price fully breaks above 4,700, the next targets will be 4,720 → 4,760 → 4,800.
Bearish scenario: If price fails to break above the 4,650–4,670 zone and continues to be rejected, selling pressure could push price back toward 4,600. A break below 4,600 could extend the decline toward 4,580–4,560. If this zone is also broken, the deeper support area to monitor will be 4,520–4,500.
🧠PERSONAL VIEW
The sellers have entered the market, but they currently control only the short-term structure. The larger structure remains intact.
For now, my personal view is to observe price movement within the short-term descending trend channel. Unless the channel is clearly broken, the priority is to trade within the range: look for short-selling opportunities near the upper boundary and buying opportunities near support.
Pay close attention to price reactions at 4,645, the 4,650–4,670 zone, and 4,600. These are the key levels to watch when assessing the market’s next direction.