is trading within a medium-term bearish trend on the four-hour timeframe, with prices remaining below the 200-period moving average, reflecting persistent selling pressure despite recent recovery attempts. The chart also shows the formation of a Double Bottom pattern near the $4,000 level, a bullish reversal structure that has provided upward momentum. However, this recovery still requires confirmation through a decisive breakout above key resistance levels before the short-term trend can be considered convincingly bullish. In my view, gold is currently approaching a critical resistance zone around $4,145, followed by $4,201. A decisive breakout and a four-hour close above these levels would confirm the continuation of the recovery, opening the way toward the dynamic resistance of the 200-period moving average near $4,246, with further upside targets at $4,320 and $4,382. However, if the price fails to overcome this resistance level, gold is likely to return to range-bound trading, with bearish pressure gradually building again.
Looking ahead, I expect gold to remain trapped between key support and resistance levels as markets await fresh catalysts, particularly upcoming U.S. inflation data and further geopolitical developments. Holding above $4,063 will be crucial to preserving the short-term bullish outlook, while a break below this level could trigger a retest of the psychological $4,025 support, increasing the likelihood of a resumption of the medium-term bearish trend.
Resistance: 4,145 – 4,201 – 4,246
Support: 4,063 – 4,000 – 3,950
