Gold: Has the Trend Reversed, or Is the Bull Market Back? Don't Get Too Excited

Has the gold trend reversed? Is the bull market back? Don't get too excited — the engulfing pattern above still exists, and the decline isn't over yet. So the real question becomes: where can the current rebound actually go?

Key Levels:

🔵 Rebound Support: 4200
🔴 Resistance Zone (supply) / Mid-term Objective: 4580
🟢 Conservative Rebound Target: 4600
⚫ 3940 — not confirmed as the low
📉 Bias: Rebound within a larger downtrend, not a confirmed reversal

Analysis:

The rebound support sits around 4200. If price breaks below this range, the rebound ends immediately and the trend reverses, wiping out buyers who mistook this bounce for a reversal. As long as 4200 holds, the rebound has room to continue.

Conservatively, the rebound height is around 4600 — this is where a large number of short sellers are expected to be lying in wait, aligning with the broader resistance/supply zone and mid-term objective near 4580.

Looking at the structure, the bottom hasn't been fully formed yet, so 3940 should not be treated as the low point. Until a proper base is confirmed, this move is being read as a rebound inside a larger downtrend rather than a genuine trend reversal.