Nataly Kambur
⬤ Gold dropped to $4,682 before stabilizing, marking its weakest point in the recent move. The pullback looks like a correction rather than a full reversal, with price now holding above that low as it moves into the new week.
⬤ The $4,660 to $4,630 zone represents strong technical support where long-term buyers could step in. As long as gold stays above this range, the correction stays intact and further downside appears limited.
⬤ If gold recovers, the $4,900 to $5,100 area is the main upside target. A push into the $5,100-$5,150 resistance zone could trigger a short-term pullback toward $5,050-$5,030.
⬤ With price sitting between major support and resistance, the next move depends on how gold reacts at these levels. A hold above $4,660 or a break through $5,100 will determine whether we see renewed momentum or extended consolidation.
Nataly Kambur
