Gold has once again displayed a bearish trend following its breach of the bullish channel in the one-hour timeframe. The technical structure indicates a downward trajectory, further supported by a flattening Moving Average (MA) and a Zigzag pattern revealing lower highs and lower lows. This combination suggests a possible shift from bullish to bearish sentiment in the short term. The situation is exacerbated as market momentum begins to weaken, with traders appearing inclined to push prices towards the next support level.
From an indicator perspective, the MACD remaining in negative territory reinforces the selling sentiment surrounding Gold. The shrinking histogram and the downward trajectory of the signal line signal that bearish momentum is still prevalent. This scenario limits the chances for a price increase as long as Gold stays below the MA and does not reclaim the lower channel. Given the steadfast bearish pressure, Gold seems positioned to continue weakening in upcoming sessions as long as it maintains the current bearish price structure.
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The bearish channel is beginning to form on the 15-minute timeframe, providing early signals that downward pressure is once again dominating Gold’s movements. The Moving Average (MA) and Zigzag indicators are both clearly trending downward, emphasizing that the current price structure is in a weakening trend. With technical momentum aligning towards bearish, Gold appears likely to continue its decline and is prepared to test crucial support levels around $4,150.
Technical Reference: sell while below 4,212
Potential Stop Loss 1: 4,200
Potential Stop Loss 2: 4,212
Potential Take Profit 1: 4,160
Potential Take Profit 2: 4,150
