Gold continues to grind lower inside a short-term descending channel, reacting cleanly to both dynamic and horizontal levels.
The 15-minute and 1-hour charts both show the same story: gold is struggling to stay above 4,072–4,086, and every intraday pop gets sold back into the channel ceiling.
The current battle is happening around the 4,055 support, a level that has acted as a springboard multiple times. As long as price stays above this zone, bulls still have a chance to reattempt 4,086 and eventually the bigger resistance at 4,100.
But the structure remains bearish intraday. Both the 50 EMA and 200 EMA on the 1H chart are sloping down, confirming short-term downward pressure. If gold slips back under 4,055, the next magnets below are 4,032, then 4,010, and the deeper daily support at 3,965.
Upside scenarios are still possible, but only if buyers break the descending channel and reclaim 4,100 with conviction. That’s the level where momentum could flip back for a retest of 4,145.
Key Levels I’m Watching:
• Resistance: 4,086, 4,100, 4,145, 4,210
• Support: 4,055, 4,032, 4,010, 3,965
My Takeaway:
Gold is still in a controlled pullback, trading inside a tight channel. Holding 4,055 keeps things stable; breaking 4,100 signals a shift. Lose 4,055, and sellers stay in charge.