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#xau, #We are following the 4552 bottom on the 4-hour chart for gold. As long as it does not close below 4552, the upside potential remains.
If it closes below 4552, it will bring another decline.
We are also monitoring the scenario we prepared regarding the possible wedge formation during the rise.
If the price continues to fluctuate as I drew, it is currently at 5.
When it reaches the 4900-5100 zone, then, according to the wedge, this area could act as resistance. And a decline may occur.
If it closes above the 5421 peak, this expectation will be canceled and there could be a new attempt at a new high.
If the 4552 bottom is broken on the pullback, the decline could deepen.
Possible supports during the decline are at the 4261-3992-3887 and 3674 levels. Once a reversal confirmation is received at any of these levels, a new rise could occur.