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Gold is trading around $4,065 after a clear rejection of the 4,090-4,100 levels, which produced long upper tail small candles, indicating declining purchasing power and sellers regaining control with each rise into supply territory. The Ichimoku Cloud is flat and sloping slightly downward, reflecting a weak and declining market.
The unclosed red gap above the price represents insurmountable resistance, while the 4,040-4,030 range represents initial support due to concentrated liquidity and the presence of bullish FVG, which may generate limited reaction. On the other hand, external data has put pressure on gold: a stronger dollar following positive U.S. data, bond yields holding steady near 4.1%, and rising stocks supported by the technology sector – all factors reducing demand for safe assets.
The most likely scenario is for gold to fall towards the support area to test it. A clear breakout could see prices move towards 4000, where liquidity is plentiful and there is a history of strong rallies, while continued rejection around 4090 could keep the move confined to a tight range.
