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XAU, #Gold cannot close above the 4893 level, as we mentioned the selling pressure continues, and the pullback has continued.
On the 4-hour timeframe, the first support level we are monitoring, 4611, also closed below.
The critical zone is at 4512. If the price remains below this dip, the selling pressure could continue down to the Fibonacci 0.618 support at 4399.
This zone will be the first important defense line in the short term.
Below 4399, we will monitor the support zones at 4266 and then 4094.
Especially the 4094 zone is an important support because it is the area where buyers re-entered during the last sharp decline wave.
Looking at the overall structure, since the pattern is in a consolidation phase within an uptrend, there is still a possibility of testing the peak area again.