#gold#is currently trading near the important psychological support level of 4000 after experiencing a sharp downside correction. Market sentiment remains cautious as bearish momentum continues to dominate price action. Although sellers are still in control, the possibility of a short-covering rebound cannot be ruled out if the 4000 support level continues to hold. Such a bounce would likely be driven by profit booking from short positions rather than a confirmed trend reversal. Overall, recent technical indicators continue to favor a bearish outlook, suggesting that traders should remain cautious and closely monitor price behavior around key support and resistance zones.
Key Price Levels
Support: 4000 → 3985 → 3960
Resistance: 4030 → 4050 → 4080
Trading View
The preferred strategy remains to sell on rallies as long as the overall trend stays weak. Traders may consider fresh short positions in the 4028–4035 zone, with downside targets at 4000 and 3985. A protective stop-loss at 4052 is recommended to manage risk if bullish momentum strengthens unexpectedly.
On the upside, buying should only be considered if the price sustains above 4035, indicating that buyers have regained short-term control. In such a scenario, the immediate upside targets are 4055 followed by 4080, while maintaining a stop-loss at 4018 to limit downside risk.
Until a decisive breakout above resistance or breakdown below support occurs, traders should remain disciplined and follow proper risk management while trading within these key technical levels.
#GOLDTODAY# #XAU/USD# #forexmarket#
Carlos & Company 
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