GOLD – bears regain control after short-lived correction and look for renewed attack at key supports

Gold remains in red for the third straight day, on track for the third consecutive weekly loss, under renewed pressure from Fed’s hawkish steer.

Recovery leg from $4000 support zone (metal hit new 2026 low at $4023 on June 11), repeatedly failed to register close above important Fibo resistance at $4354 (38.2% of $4889/$4023 descend) that resulted in formation of bull-trap.

Post-Fed acceleration lower confirmed an end of corrective phase and shifted near-term focus lower (fresh weakness has so far retraced over 61.8% of $4023/$4382 recovery leg), as the price is about to register second weekly close below the support line of bear-channel (following a short-lived return into channel).

Fully bearish daily techs (reinforced by the latest formation of 30/200DMA bear-cross) add to expectations for renewed probe through cracked Fibo support at $4077 (38.2% of $1616/$5598 uptrend) and attack at rising weekly cloud top ($4058) which guard psychological $4000 support.

Hawkish Fed rate outlook is likely to continue to keep metal’s price under pressure, though, significant supports within $4100 and $4000 need to be cleared to generate bearish continuation signal.

Res: 4213; 4251; 4354; 4382
Sup: 4077; 4058; 4023; 4000