Gold at a Crossroads: Bulls Losing Grip on the $4800 Level?
The gold chart $XAU is flashing some warning signs for those expecting a quick bounce. After hitting a 24-hour high of 4,873.03, we’ve seen a sharp retracement that has now pushed price action below the MA60 line. When price loses the 60-period moving average on the 15-minute timeframe, it often signals that the short-term trend has shifted from bullish to defensive.
Currently sitting at 4,806.72, the price is dangerously close to the key psychological level of 4,800. Looking at the volume bars, the most recent red candle shows a significant spike in selling pressure compared to the previous green candles. This suggests that the bears are aggressively defending the overhead resistance around 4,812.
The structure right now is looking like a classic rejection. We had a double-top-like formation near the 4,812 level followed by a breakdown. If buyers can’t step in immediately to reclaim 4,808, we might be looking at a test of the 24-hour low at 4,788.00. The 7-day performance is still up 3.09%, but the 30-day performance is down nearly 4%, showing that the medium-term trend is still struggling for clear direction.
Key levels to watch are 4,812 for a potential recovery and 4,800 for immediate support. A break below 4,800 could lead to a rapid flush as stop-losses get triggered. For now, the momentum is leaning toward the sellers.
Current Momentum: Short-term weak as it struggles to stay above the moving average.
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