Gold Slides Toward $4,376 as Bearish Momentum Grows

Gold slid toward the $4,376 0.618 Fibonacci support after breaking below the lower trendline of a parallel triangle on May 15. The metal fell about 2% on the day and is trading near that retracement level.

On the four-hour chart, price dropped below the midline of a descending parallel channel and sits near the channel’s lower band just above $4,376. The four-hour relative strength index read 27, placing it in oversold territory. Bollinger Band Width Percentile readings on the four-hour chart have expanded to high levels.

The daily chart shows a daily RSI near 36 and Bollinger Band Width Percentile beginning to widen after weeks of compression. Gold has trended lower since the May 15 breakdown of the parallel triangle.

A decisive break below $4,376 would open the 0.786 Fibonacci retracement at about $4,044 as the next major support cluster. If buyers defend $4,376, the first upside test would be a reclaim of the channel midline near $4,609. Longer-term resistance sits near the 0.382 Fibonacci around $4,842.

Analyst CelalKucuker posted on X: “Gold 5600$ 4350$ 5250$ 4000$ 5000$ 4600$ 4200$ (almost) 3500$ 2026 end of year.” Higher-timeframe technical counts referenced by analysts sketch pathways from roughly $4,234 toward the mid-$3,000s.

Shorter-term momentum indicators are oversold and volatility readings have expanded on shorter charts. The $4,376 area is the immediate technical test for price action on both four-hour and daily timeframes.