The downward correction zone is not yet over, heading 4390

Gold prices edged lower around the $4,420 level during Thursday’s Asian session, retreating roughly more than 1% from Wednesday’s weekly high near $4,500. At the same time, the US Dollar continues to stage a modest recovery, exerting downward pressure on the precious metal.

Nevertheless, gold’s downside appears limited as expectations for two interest rate cuts by the US Federal Reserve remain largely intact following the latest economic data.

Geopolitical tensions remain a key factor supporting “buy-the-dip” interest in gold. Attention has once again turned to Greenland after the White House confirmed ongoing discussions regarding its potential annexation, including the possibility of military involvement.

Personal view:
Gold may not have completed its corrective move yet and could extend its decline toward the key support zone around $4,390.

Plan trading based on support and resistance levels and Fibonacci combined with EMA to create a suitable strategy.

Personal Plan:
Price Zone Setup:

Buy limit Gold 4391 – 4388
SL: 4383 | TP: 4396 – 4402 – 4410

Sell limit Gold 4447 – 4450 (Scalping)
SL: 4455 | TP: 4442 – 4437 – 4430