Gold's chart has shifted from breakout mode to defense mode. The metal is now roughly 25% below its late-January high near $5,589/oz and has lost the 200-day moving average.
The first support cluster is $4,500/oz, followed by $4,200/oz. If that second level fails, technical sellers could target the $4,000-$3,800/oz area.
Resistance is now stacked above the market. The prior breakout zone near $4,800-$5,000/oz is likely to cap rallies unless ETF flows and rate expectations improve together.
For buyers, the practical rule is simple: avoid chasing rebounds until price holds above $4,200/oz and momentum improves. A clean reclaim of $4,500/oz would be the first sign that the correction is stabilizing.
Use the $4,200-$4,500/oz band as the re-entry window. Scale hedges instead of buying all at once while the trend is still lower.