GOLD VIEW – H4 update 6:30 AM on 03/05/2026
The latest H4 candlestick is quite clear that gold is still on the downward path, with no signs of a trend reversal.
After a bounce up around 4.66x, the price got rejected and quickly turned back. Looking closely at this segment, the buying pressure is noticeably weak, unable to sustain the upward movement, and then it got sold down immediately. This type of bounce is typically just a technical retracement, not a reversal. (Last weekend, the DXY index also had a significant impact on gold, along with the news of the FED maintaining interest rates.)
Currently, the price hovers around 4.61x. It just created a slight bounce, but it’s not enough structure to suggest it will go up further. The 4.66x – 4.70x zone above remains a near resistance; as long as it’s not broken, the downside potential is still intact. My main scenario remains, folks!
The trend is still down → priority is to sell.
If there’s a bounce back up around 4.65x – 4.68x and it’s weak → look for short opportunities.
If the price breaks below the 4.51x zone → there’s a chance it will drop deeper.
Targets:
Near: 4.51x – 4.38x
Further: there’s still a chance to return to the 4.1xx zone if the downtrend persists.
Key levels:
4.88x: invalidation zone – hasn’t been touched again, so the sell setup is still valid.
4.66x: near resistance, testing the buying pressure.
4.51x: short-term low, a break here could lead to a quick drop.
To be honest, the current price action feels like a “bounce just for show before dropping again.” Anyone familiar with structure will see there’s no genuine upward strength. Bottom-fishing at this point is a bit risky. Just be patient, wait for a nice bounce before entering; no need to trade constantly. The market is moving slowly but with a clear direction – just need to align with the right side to be fine. Wishing everyone a PEACEFUL weekend! #elliottwaves #Vàng #XAUUSD❤️ $XAU
The latest H4 candlestick is quite clear that gold is still on the downward path, with no signs of a trend reversal.
After a bounce up around 4.66x, the price got rejected and quickly turned back. Looking closely at this segment, the buying pressure is noticeably weak, unable to sustain the upward movement, and then it got sold down immediately. This type of bounce is typically just a technical retracement, not a reversal. (Last weekend, the DXY index also had a significant impact on gold, along with the news of the FED maintaining interest rates.)
Currently, the price hovers around 4.61x. It just created a slight bounce, but it’s not enough structure to suggest it will go up further. The 4.66x – 4.70x zone above remains a near resistance; as long as it’s not broken, the downside potential is still intact. My main scenario remains, folks!
The trend is still down → priority is to sell.
If there’s a bounce back up around 4.65x – 4.68x and it’s weak → look for short opportunities.
If the price breaks below the 4.51x zone → there’s a chance it will drop deeper.
Targets:
Near: 4.51x – 4.38x
Further: there’s still a chance to return to the 4.1xx zone if the downtrend persists.
Key levels:
4.88x: invalidation zone – hasn’t been touched again, so the sell setup is still valid.
4.66x: near resistance, testing the buying pressure.
4.51x: short-term low, a break here could lead to a quick drop.
To be honest, the current price action feels like a “bounce just for show before dropping again.” Anyone familiar with structure will see there’s no genuine upward strength. Bottom-fishing at this point is a bit risky. Just be patient, wait for a nice bounce before entering; no need to trade constantly. The market is moving slowly but with a clear direction – just need to align with the right side to be fine. Wishing everyone a PEACEFUL weekend! #elliottwaves #Vàng #XAUUSD❤️ $XAU