The price of Gold continues to exhibit a bearish trend on the 1-hour timeframe, characterized by a narrow trading range that has yet to break through the daily resistance zone. This situation indicates that buyers do not possess sufficient strength to reverse the trend. Selling pressure remains influential, as evidenced by the price structure forming Lower Highs (LH) and Lower Lows (LL). This pattern underscores that any attempts at rebound are still limited, with the market likely inclined to follow a short-term downward trajectory.
From a technical indicators perspective, the Moving Average (MA) line is still trending downward, aligning with the ZigZag pattern that demonstrates a consistent decline. This combination reinforces the signal that the bearish momentum is still dominating, and potential further weakness could occur unless the price manages to breach significant resistance. As long as selling pressure remains intact and no significant reversal occurs above key areas, the possibility of continued downward trends for Gold remains quite viable in the coming trading sessions.
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Gold is still facing selling pressure during the European session, with prices consistently moving within a bearish trendline. The ZigZag indicator shows a steady declining pattern, while the flattening Moving Average (MA) confirms that the downward trend remains dominant. This combination of technical signals suggests that the bearish momentum continues to be strong, thus Gold may have the opportunity to extend its decline and test the support level around $3,955 in the near term.
Technical Reference: sell when below 4,015
Potential Stop Loss 1: 4,005
Potential Stop Loss 2: 4,015
Potential Take Profit 1: 3,965
Potential Take Profit 2: 3,955
