By Mehrullah Baloch | MJ Forex Academy
Gold is currently showing weak structural support at the H4 level of 3167, which also aligns with the 60% Fibonacci Golden Zone on the daily chart. A Climactic Action Bar (CAB) is forming, though not yet confirmed. On the lower timeframes, the 15M RSI divergence points to short-term weakness, indicating a possible accumulation phase, supported by rising volume.
However, from a fundamental standpoint, sentiment remains bearish. The global “safe haven” demand for gold has diminished as macroeconomic indicators improve, reducing appetite for defensive assets.
Short-term retracement could push prices toward 3230, and possibly 3325, to fill previous market imbalances. Yet caution is advised the broader trend is still bearish, with institutions cautious mid-term and retail traders leaning toward a downside bias.
Key Takeaways:
Support: 3167
Resistance: 3230
Imbalance Zones 3325
Overall Bias: Bearish, with potential for minor retracement
Institutional Sentiment: Cautious mid-term, optimistic long-term
Retail Sentiment: Bearish
Stay sharp and manage risk accordingly.