Short-term recovery around 4397, Fibonacci 0.618GoldOANDA:XAUUSDMoon-ForexAcademy📈 1. Trend & Market Structure Overview: Gold remains in a medium-term downtrend following a sharp breakdown from the 4.47x–4.48x area toward the 4.26x–4.28x region. EMA9 (~4,329) remains below EMA89 (~4,391), confirming that the bearish structure is still intact. Price continues to trade below EMA89 and beneath key Fibonacci retracement levels. The current rebound appears to be a technical recovery after an oversold sell-off. 👉 Current Trend: Short-term recovery within a broader medium-term downtrend. 📊 2. Price Action & Momentum Price Action: After forming a low around 4,269, gold staged a technical rebound and is now approaching key Fibonacci resistance levels. Key levels on the chart: Fib 0.382: ~4,345 Fib 0.5: ~4,372 Fib 0.618: ~4,397 Price is currently trading around the 4.33x area and attempting to establish a short-term base. ⚡ 3. Momentum RSI is around 48–49, recovering from oversold territory. RSI is moving higher but has not yet decisively broken above the 50 level. The histogram remains below zero, suggesting that the medium-term bearish trend still dominates. 📍 Key Support & Resistance Levels 🔴 Near Resistance: 4,345 – 4,350 Fibonacci 0.382 Retest zone after the breakdown 🔴 Major Resistance: 4,372 – 4,410 Fibonacci 0.5 – 0.618 Short-term supply zone EMA89 overhead 👉 A break above this area would significantly improve the market structure. 🔵 Near Support: 4,300 – 4,290 Current short-term support zone Consolidation area after the sharp decline 🔵 Major Support: 4,269 – 4,250 Recent swing low Next downside target if selling pressure returns 👉 If price breaks below 4,269, the bearish trend could extend toward the 4.23x–4.25x region.