The structure has shifted bearish after the sharp breakdown below the rising channel and BOS support near 4650. Price also rejected twice from the 4780 liquidity zone, creating a double-top style reversal before the selloff.
The current move looks like an impulsive bearish leg. The broken trendline and former support around 4645–4665 should now act as resistance. A pullback into that zone is likely before sellers continue lower.
For Gold Spot / U.S. Dollar the next likely path is:
* Rebound toward 4645–4665
* Rejection from the 0.618–0.786 retracement area
* Then continuation lower toward 4570 and 4538
Key levels:
* Resistance: 4645–4665
* Stronger resistance: 4712
* Support 1: 4570
* Support 2: 4538
* Major demand: 4520–4500
RSI is likely oversold on the 30m timeframe, so a short-term bounce is probable, but EMA structure has likely turned bearish with price below the 20 EMA and 50 EMA. Until price reclaims 4665, rallies should be treated as selling opportunities.
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Giulia_Marino_Xf
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