Technical Analysis: Bearish Trend in Gold Continues, a Break Below $4,700 May Accelerate Downside

1. The 4-hour chart shows that spot gold remains below the 200-period simple moving average and has failed to break through the 50% Fibonacci retracement level from the March decline, with the bearish bias remaining intact. MACD has slipped into negative territory, and RSI is hovering around a neutral level of 52, indicating that bullish momentum is weakening. Once the $4700 level is decisively breached to the downside, gold prices may accelerate lower. 2. The initial support below is near the 38.2% Fibonacci retracement (around $4604), with further support at the 23.6% retracement (around $4411) and the previous swing low region (close to $4100), where buying interest is expected to increase. 3. On the upside, initial resistance is near 4732, with further resistance at the 50% Fibonacci retracement level of $4760; a stronger resistance zone lies in the $4897-4915 region (where the 200-period moving average and 61.8% retracement coincide); higher resistance points to the psychological barrier at $5000.