Gold is pinned at $4,182.95 on the five-hour chart, caught between support at $4,143 and resistance at $4,276 after a steep drop from $4,755. A Doji candlestick at support signals indecision, and traders are watching for a breakout in either direction.
Price stalls after steep drop from $4,755
Gold is balancing at $4,182.95 on the five-hour chart, sitting between critical support at $4,143 and supertrend resistance at $4,276. A Doji candlestick has formed at support, marking indecision after a steep drop from $4,755. The metal last traded at $4,183.65, down $3.05, or 0.07%.
Momentum shows bearish pressure easing
The MACD is climbing toward neutral, moving from -39.15 to -36.05, hinting that bearish selling is running out of steam. RSI sits at 35.72, close to oversold territory. Bearish forces look tired, but not yet defeated. The Average True Range stands at 35.33, or 0.84%, pointing to sharp, fast moves ahead.
Bearish structure still dominates
Price remains below all key moving averages and under the Ichimoku cloud, keeping the downside in control. A bear flag pattern is in play, and a tight consolidation like this usually ends in a sudden move in either direction. The 78.6% Fibonacci retracement aligns with the current support zone, marking a major inflection point.
Trading zones split the outlook
The bearish zone sits at $4,230 to $4,276, a resistance cluster built from the SMA(20), Kijun and SuperTrend lines. The bullish zone runs from $4,130 to $4,145, anchored by the 78.6% Fibonacci level and prior swing lows. Between them, $4,145 to $4,230 is marked as a no-trade zone, where choppy consolidation offers high risk and low clarity. A close below support could trigger seller panic, while a convincing move above resistance would favor short-covering bulls.
Source: Commodities & Futures News (Investing.com)
Trading involves risk.
Risk Disclaimer
