Technical Analysis: Gold Bears Await a Clear Break Below the Ascending Channel Support

1. Spot gold is currently trading near the lower boundary of an upward-sloping parallel channel, with the short-term tone broadly neutral. The Relative Strength Index (RSI) hovers around 39, leaning toward the lower end of its range, suggesting that bullish momentum is weakening but has not yet entered oversold territory. The MACD indicator remains in negative territory, reinforcing the view that attempts to move higher may be difficult to sustain before momentum improves.2. If the gold price clearly breaks below the channel support at around $4,691, it will test the previous structural bottom at around $4,568; if the sell-off accelerates, it will pave the way for a deeper decline.3. On the upside, bulls need to consistently break through the channel resistance at around $4,926 to restore a broader uptrend and open up further upside potential.