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From a technical perspective, Friday's decline below the horizontal support at $4,150, followed by subsequent downward movement and a close below the round level of $4,100, became a new trigger for the bears.
However, it's worth noting that the oscillators on the daily chart have not yet moved into negative territory, indicating that the bulls are not ready to give up. Therefore, this requires caution on the part of the bears.
The nearest support remains at $4,075, where the 14-day EMA is located. Following that, the zone around $4,030-$4,020 will help protect against a decline toward the round level of $4,000. After that, the XAU/USD pair will accelerate its decline toward the next round level of $3,900, with some stops along the way.
On the other hand, if gold manages to overcome the $4,100 round level again, the bulls will attempt to reclaim the $4,200 round level, with obstacles along the way around $4,150, where the 100-hour SMA is located on the hourly chart.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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