Gold continues to trade within a well-defined descending channel, maintaining its broader bearish structure. After bouncing off the channel support, the price initiated a corrective rally toward a Key Resistance zone.
The price has reached the 4800 resistance area, which previously acted as a significant support and is now being retested as resistance. This behavior confirms a classic Break & Retest pattern.
The clear rejection from this supply zone indicates that sellers are still defending this level.
With the pullback appearing complete, the primary expectation is a continuation of the downward move toward the lower boundary of the descending channel.
It’s important to note that the market is currently headline-driven, with technical patterns taking a secondary role.
Any credible news suggesting a move toward peace could trigger a risk-on environment.