Gold Could Extend Its Decline Toward 4,500GoldOANDA:XAUUSDMian-FXSignals📊 Market Overview: XAU/USD is currently trading around 4,585. Gold is facing profit-taking pressure after rising to a more than 3-month high of 4,696, while investors remain cautious ahead of Fed Chair Kevin Warsh’s speech at Jackson Hole. Elevated PCE inflation and expectations that the Fed will maintain a tight monetary policy are supporting the USD, putting short-term pressure on gold. 📉 Technical Analysis: • Key Resistance: 4,600–4,620 / 4,645–4,685 • Nearest Support: 4,575–4,550 / 4,525–4,500 • EMA 09: Price is currently below the EMA 09 on the short-term timeframe → the short-term trend is leaning bearish/corrective. • Candlestick Pattern / Momentum: After forming a high around 4,696, gold has entered a corrective phase with weakening bullish momentum. The fact that price continues to trade below 4,600 indicates that sellers have the short-term advantage. If 4,550 is broken, downside pressure could extend toward 4,525–4,500. Conversely, if price recovers above 4,620 and holds there, bullish momentum could return. 📌 Outlook: Gold could continue to decline/correct in the short term if it fails to reclaim 4,600–4,620, with the next target zone at 4,550–4,525. However, the medium-term bullish structure remains intact as long as price holds above 4,500. 💡 Suggested Trading Strategy: 🔻 SELL XAU/USD at: 4,617–4,620 🎯 TP: 40 / 80 / 200 / 300 pips ❌ SL: 4,625 🔺 BUY XAU/USD at: 4,570–4,567 🎯 TP: 40 / 80 / 200 / 300 pips ❌ SL: 4,562