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Lingrid | GOLD Weekly Market Analysis: Bears Take Control

struggles at crucial support zones as bearish momentum intensifies, with a decisive break below pointing to further declines toward downside targets. Market sentiment has shifted bearish following the failure to sustain momentum in recent consolidation. With price action hovering near 4,500, buyers appear exhausted while sellers defend breakdown levels, setting the stage for increased volatility as the week closes.

Technically, the asset has broken a bearish triangle pattern, confirming the resumption of the downtrend defined by the major descending channel. This long-term channel remains the dominant force, capping rallies and guiding price lower. The rejection from 4,800 resistance validates the bearish thesis, suggesting the February upward channel was merely a corrective bounce within a larger bearish framework rather than a true trend reversal

We should watch for a retest of broken support zone 4,600 - 4,700 before the next leg down. If selling persists, price will likely gravitate toward the lower channel boundary near 4,200. While the chart hints at a possible minor relief rally or "dead cat bounce" shortly, the overarching technical picture remains negative until price can reclaim the 5,000 psychological handle.

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Lingrid

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Lingrid

🔥 Daily GOLD and Forex updates with 20,000+ active traders:
t.me/LingridChannel
🚀 Daily CRYPTO setups:
bit.ly/3JIGE2j