GOLD (XAU/USD, 4H) update

On the 4-hour chart, GOLD has broken below the lower boundary of a pennant pattern on increasing volume, signaling potential for continued downside. Despite this, the asset remains within the confines of a bullish megaphone structure, whose boundaries are still intact. The EMA indicators (20/50/100/200) are aligned in a bearish sequence, exerting downward pressure. The price is consolidating below the $3295 level and is approaching key demand zones.

Near-Term Downside Targets:

- $3177 — Intermediate demand zone
- $3063 — Major support level

Technical Highlights:

- Breakdown from bearish pennant confirmed by volume
- Price action continues within the bullish megaphone pattern
- EMA 20/50/100/200 positioned above price, indicating overhead resistance
- Volume increases observed during downward moves
- Key buyer interest zone: $3060–$3080
- Resistance zone: $3295–$3305

Following the breakdown from the consolidation pattern, gold is exhibiting a downward trajectory targeting support zones at $3177 and $3063. The bearish scenario is technically confirmed as long as the price remains below $3295. However, the movement within the bullish megaphone structure warrants close monitoring for potential shifts in momentum.