Gold Sell-Off Continues — Is 4650 the Next Target?GoldOANDA:XAUUSDMihai_IacobAfter two relatively quiet sessions, where Gold seemed to hover around the 5000 level almost inviting traders to buy, the market did what it has been doing best lately: It moved fast — and without much warning. The result was a sharp, almost uninterrupted drop of around 1500 pips, a move that once again highlighted how quickly sentiment can shift when structure is already under pressure. The Move Toward 4800 Following a brief pause, the selling continued. During the overnight session, Gold extended the initial decline and reached the 4800 zone, a level that now becomes an important reference point for the short term. At the time of writing, price has rebounded slightly and is trading around 4860, suggesting a temporary pause after the aggressive move lower. What This Move Tells Us The recent price action reinforces a key idea: When a market spends time consolidating near a major level without breaking higher, it is often not accumulation — but preparation for continuation. The behavior around 5000 over the past days fits this pattern quite well. The Current Outlook From my perspective, Gold is not done to the downside yet. If the market manages to break below the 4800, it would likely open the door for further continuation toward the 4650 area, which becomes the next meaningful downside target. That said, it is important to remain grounded. Even in a clear directional market, corrections can be sharp and aggressive, especially after strong impulsive moves like the one we have just seen. Trading Approach At the moment, with price sitting roughly in the middle of the range, there is no immediate trade setup. Instead, the focus shifts to key levels: 🔻 Short-side level: around 4920 A move into this area could offer a potential selling opportunity, especially given that, for now, a retest of the 5000 level seems unlikely in the near term (In my opinion). 🔻 Long-side level: around 4800 This zone represents the recent lows, where price has already shown some reaction. Any long idea here should be approached carefully and only with clear confirmation, because, let's be clear: The trend is short for now. Final Thoughts The market is currently highly volatile, and Gold is moving in a way that leaves little room for hesitation. In such conditions, flexibility becomes essential. The direction may seem clear, but... The path will not be linear For now, the focus remains on watching how price reacts around 4920 and 4800, whichever comes first, while staying ready to adjust if the structure evolves. As always, I will update the view if the market invalidates these levels. For the moment, the pressure remains to the downside — but in this environment, things can change quickly. 🚀