Mobarok Hossain
April 25, 2024
Spot Gold (XAU/USD) has established a temporary local bottom near 3,985.00 following a sharp impulse move to the downside. Price action is currently entering a corrective retracement phase, with order flow targeting Fibonacci resistance levels at 4,029.015 (0.236 Fib) and 4,061.515 (0.382 Fib) prior to an anticipated resumption lower toward the Previous Weekly Low at 3,976.482.
Structural Support Floor (Local BOS): 3,985.00
Retracement Level 1 (0.236 Fib / MSS Level): 4,029.015 — Immediate lower-timeframe resistance pivot.
Retracement Level 2 (0.382 Fib): 4,061.515 — Key structural retest zone for institutional lower-high placement.
0.50 Fibonacci Retracement: 4,087.781
0.618 Golden Ratio Level: 4,114.048
Primary Downside Objective (0 Fib): 3,976.482 — Major structural liquidity target (Previous Weekly Low).
Corrective Retracement Phase:
Following the initial sell-off, Gold is pulling back into internal liquidity. A rally toward 4,029.015 (MSS Level) or 4,061.515 (0.382 Fib) offers a high-probability zone to monitor for lower-timeframe sell setups.
Bearish Continuation (Target: 3,976.482):
Confirmation of buyer exhaustion at either the 0.236 or 0.382 Fibonacci retracement level aligns with a continuation leg lower. The main target remains the major liquidity pool resting at the Previous Weekly Low of 3,976.482.
Disclaimer: This analysis is provided strictly for educational purposes and does not constitute financial or investment advice.
