Gold remains under pressure, continuing to be caught within a triangle pattern, where the price has yet to break through either the resistance or support levels defined by this formation. This ongoing consolidation indicates that buyers and sellers are still in a tug-of-war, but the tendency to break free from this range is increasing. As prices remain contained within this pattern, the likelihood of a significant movement tends to hinge on a breakout from one side or the other.
Nevertheless, technical signals are beginning to lean towards seller dominance. The consistently declining MA indicator indicates a weakening buying momentum, while the ZigZag pattern, which forms a sequence of lower highs, confirms the emergence of bearish pressure. Additionally, with the MACD positioned in the negative territory, the prospect for Gold’s decline in the 1-hour timeframe this evening is further increasing. Given this combination of technical factors, Gold is likely to continue weakening if no positive catalysts emerge to reverse the pressure.
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On the 15-minute chart, Gold is still moving within a bearish channel, emphasizing the strong dominance of sellers in the short term. The sharply descending MA slope reflects the ongoing bearish momentum, while the ZigZag pattern displays a consistent declining structure in line with the trend direction. This pressure is further underscored by the MACD remaining in the negative zone, thus opening the possibility for Gold to continue its downturn and test the important support level at 4,000.
Technical Reference: sell while below 4,070
Potential Stop Loss 1: 4,056
Potential Stop Loss 2: 4,070
Potential Take Profit 1: 4,015
Potential Take Profit 2: 4,000
