Gold Price Update Clean & Clear Explanation
Gold is currently trading within a rising channel but showing clear signs of selling pressure near the upper range. After failing to sustain above the 4500 psychological resistance, price faced a sharp rejection, confirming sellers dominance at higher levels.
The market is now trading below 4500, and as long as price remains under this level, the bearish bias stays intact. A pullback or corrective bounce toward the 44904505 supply zone may attract fresh selling interest.
Key downside support zones are seen around:
(major demand and downside target) 44554420
The structure suggests lower highs and weak bullish follow-through, indicating potential continuation to the downside after minor consolidations or retracements sell on rallies, target lower demand zones a strong close back above 4500 could invalidate the bearish setup.
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