Gold
The recent decline ideally should have dipped below the low set on the first day of February. This target was met earlier this week, giving room for another upward correction. Based on the last downward leg, an ideal correction would reach the 50% or 61.8% Fibonacci levels, corresponding to the 4,760–4,920 zone—this could be the near-term upside target. However, keep in mind that the trend has already broken, the curve is effectively in a downtrend, which means upside potential is limited compared to the trend-aligned move downward. As a result, the price may fail to reach those levels and instead roll over sooner toward new swing lows.
Resistance levels: 4,843; 5,000; 5,312; 5,625; 5,938; 6,250.
Support levels: 4,062; 3,906; 3,750.
