Gold – Chart
Gold Spot remains at $4,085 on the 4H chart as rebound candles successfully hold the $4,121 pivot level following the recent drop from the $4,357 high. We are seeing bullish wicks along with a string of higher lows since the $3,966 low, showing that the bulls are stepping in at support levels. The relative strength indicator is sitting around 50 for neutral momentum.
Volume analysis identifies the $4,080 to $4,121 area as an initial fair-value cluster, while the 4,278 level is currently the 50 SMA holding the bulls back. Although this setup remains in a downtrend channel from the $4,597 swing, there are signs that we might be finding some consolidation at higher support based on some Fibonacci clusters and a developing string of higher lows.