Joby Aviation closes $591 million stock offering with full underwriter option
Short-term retracement likely as liquidity eases after recent highs
Gold prices hovered near $4039 on Friday, pausing below the $4050 mark after several days of consistent gains.
The metal’s rally earlier this week pushed into overbought territory, triggering profit-taking near a key supply area as traders await next week’s US inflation and bond yield data.
Technical Overview
On the 4-hour timeframe, gold remains in a broader uptrend, but intraday charts suggest a short-term retracement phase after liquidity was swept above $4055–$4060.
Price is currently trading in the premium zone of its 4H dealing range ($3940–$4058), indicating that upside momentum may be slowing.
A confirmed break of structure (BOS) below $4028 signals corrective intent, with technical confluences suggesting the next significant support around $3995–$3980.
Key Technical Zones
Resistance Cluster ($4040–$4048):
This region represents a dense confluence of a 4H order block, 1H supply, and an open fair value gap.
It also coincides with the 61.8–78.6% Fibonacci retracement of the last 1H impulse leg — a zone where institutional selling often emerges.
Secondary Resistance ($4052–$4062):
The $4050 round handle remains a key psychological level. A brief spike above could represent a liquidity sweep before a deeper retracement.
Support Zone ($3998–$3982):
This range marks the equilibrium level of the current structure. A reaction here would confirm re-entry by institutional buyers seeking to continue the broader bullish leg.
Macro Context
Gold’s recent rally has been supported by expectations of stable interest rates and cooling U.S. yields, while the US dollar consolidates near weekly lows.
However, as the market digests recent economic data, short-term traders appear to be rebalancing risk exposure before the next major macro catalyst.
Broader sentiment remains constructive for gold in the medium term, but immediate technicals indicate a potential retracement toward $4000 before further upside.
Outlook Summary
|
Direction |
Short-term Bearish / Medium-term Bullish |
|
Resistance |
$4040–$4048 |
|
Support |
$3998–$3982 |
|
Invalidation |
Above $4056 |
|
Bias |
Retracement likely before reaccumulation |
Conclusion
Gold’s intraday price action suggests a temporary cooldown following its rally to multi-day highs.
With liquidity above $4050 now cleared, traders will monitor reactions near $4040–$4048 for signs of short-term rejection and potential retracement toward $4000–$3980.
Unless strong buying pressure returns, the market may remain in range-bound corrective mode until new macro drivers emerge next week.