Gold is trading around $4,561, hitting Tuesday's low and consolidating above that level, showing a negative signal while also reaching oversold levels.

Gold failed to break through the $4,600 barrier and underwent a technical correction toward $4,550. Given that this support level is holding, if it were to break in the coming hours, the price could continue falling until it reaches the lower band of the downtrend channel, located at $4,510–$4,491.

Conversely, if the price consolidates above $4,500, we could expect a technical rebound toward the 21 SMA at $4,652 or toward the upper band of the downtrend channel formed since April 16, around $4,645.

A decisive breakout and consolidation above $4,652 would change the outlook for gold, and we could expect a sustained recovery. If this scenario plays out, gold could reach the 200 EMA around $4,754 in the coming days and might even return toward $5,000 around the 8/8 Murray line.

Alternatively, according to the H4 chart, gold has reached oversold levels, so we could expect a technical rebound in the coming hours if the price consolidates above $4,550 or if it reaches the next support level around $4,500; both levels could present an opportunity to open long positions.