FX.co ★ king.zelda | XAU/USD, GOLD

#GOLD (H1-H4-D1) Hello traders! Today I came to see what's happening with gold. The picture is quite interesting. The price continues to fall and is now trading around 4258-4260. The overall trend remains bearish, although in oversold conditions we can expect a small bounce. D1

On the daily chart, things look very tough for the bulls. We broke down a strong zone and are currently in a good downward impulse. RSI around 31 is already heavily oversold, but as we know, in a trend, this does not always quickly reverse the price. Wave-wise, I believe we are in the development of the 3rd wave down. The target is around 4100 or 4150, where strong order blocks and liquidity should be. H4

On the four-hour chart, we continue to update lows. The structure of lower local lows has not gone anywhere. Indicators are very bearish, with RSI at 27.5 and MACD deep in the negative. But after such a move, there is often at least a technical bounce. I currently see the main resistance around 4280 or 4300, and then 4330. H1

On the hourly chart, there is currently a small consolidation after a sharp decline. RSI has started to move away from the bottom slightly. A bounce is possible, but for now, it looks weak without a proper impulse. Wave 2 to the upside has ended, and now we are in the 3rd wave down. Conclusion: Overall, I remain in the bearish camp. The most likely scenario is either a continuation of the decline or a small corrective bounce followed by a return down. The nearest interesting selling zones are a retest of the 4280 and 4300 zones. Below, we look at 4200 and beyond. But we need to be careful with oversold conditions, especially on lower timeframes. Gold sometimes likes to reverse sharply. What do you guys think? How is everyone trading gold right now?