GOLD – probe through base floor generate initial signal of bearish continuation

Gold came under increased pressure from stronger dollar on Wednesday and cracked key $4120/$4100 support zone (Fibo 76.4% of $3942/$4697 rally / round-figure) which contained several attacks in past two weeks.

Recent action with temporary base but limited upticks capped by falling 10DMA and remaining below bear-trendline off $4697 peak, signals scenario of consolidation preceding fresh push lower.

Firm break of $4120/00 triggers is needed to confirm signal and open way towards psychological $4000 level and 2026 low at $3942.

Caution on bounce and repeated close above $4120 that would signal false break lower, but bears are expected to firmly hold grip while holding below falling trendline ($4190).

Only lift and close above $4230 (recent range top / broken Fibo 61.8%) would sideline bears and generate initial signal of bottom.

Res: 4144; 4190; 4230; 4266
Sup: 4066; 4021; 4000; 3960