Post #8017

XAUUSD sharp 6% plunge has left investors reeling. From a technical standpoint, the daily chart shows a large black candlestick with a long lower shadow, signaling strong selling pressure. The breakdown below key support levels confirms the downward trend. The MACD indicator remains in a death cross phase, hinting at further downside potential. On the 1-hour chart, gold faces resistance at $4,175-$4,185. Given the lack of catalysts for a gold price surge, the short-term outlook appears bearish. Consider shorting on rallies and buying on dips. Key levels to watch: resistance at $4,145-$4,155 and $4,175-$4,185, and support at $4,005-$4,000.