Gold is currently experiencing strong sell pressure in the afternoon trading session. On the 1-hour timeframe, the price structure demonstrating Lower High and Lower Low patterns clarifies that the prevailing trend is predominantly downward. This consistent selling pressure indicates that buyers are still hesitant to re-enter the market, while sellers continue to take advantage of the corrective momentum to push prices lower. The established movement pattern suggests that Gold is now trading below the main trend line, reinforcing the short-term bearish sentiment.
Technical indicators also favor this bearish outlook. The Zigzag indicator has begun to signal further weakening, while the sharply declining Moving Average (MA) adds pressure to Gold’s price activity. This situation signals that the potential for decline towards the nearest support levels remains broadly open. As long as prices are unable to break through the last Lower High structure, the bearish scenario remains dominant, and market participants should be vigilant for a potential retest of significant support levels in the upcoming sessions.
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Gold’s movement on the 15-minute timeframe clearly indicates a weakening trend, with the Zigzag indicator and the declining MA confirming the dominance of sellers in the short term. This selling pressure is reinforced by the CCI position, which has moved into overbought territory, suggesting a potential technical correction after the previous brief rally. As long as prices remain under this pressure, the support level of $3,870 becomes the market’s primary focus as a potential target for the next decline, with the intraday bias now leaning towards bearish.
Technical Reference: sell while below 4,008
Potential Stop Loss 1: 3,980
Potential Stop Loss 2: 4,008
Potential Take Profit 1: 3,894
Potential Take Profit 2: 3,870
