Gold prices are consolidating within a broader bullish trend after retracing from a recent peak near $4,755, according to technical analysis of the 15-minute /GC chart. The market has entered a short-term corrective phase while maintaining its upward structure.
The Daily Volume-Weighted Price Mean (VC PMI) at $4,659 now serves as the immediate equilibrium level. A break below this mark would shift short-term momentum toward the Daily Buy 1 zone at $4,621, the first high-probability mean-reversion area. Further selling pressure could extend toward Daily Buy 2 at $4,577, which converges with the Weekly VC PMI mean at $4,589. This creates a technical support cluster spanning $4,577–$4,583.
A successful test and reversal from this zone could set the stage for a rebound toward $4,653, followed by resistance at Daily Sell 1 ($4,703) and Daily Sell 2 ($4,741). Beyond these levels, the analysis projects larger weekly objectives at $4,788 and $4,895. Conversely, a sustained break below $4,577 would weaken the bullish configuration and expose Weekly Buy 1 at $4,476.
The analysis highlights the August 27–September 3 cycle window as a key inflection point. Rather than assuming the decline signals a trend reversal, traders are advised to monitor for signs of a cyclical low forming around the Daily B1/B2 support structure.
From a Square of 9 perspective, the recent $4,755 swing high acts as a vibration anchor, with rotational price relationships reinforcing the significance of the $4,700, $4,650, $4,600, and $4,575 regions. Price-time confirmation remains necessary before declaring the correction complete.
Fundamentally, gold’s backdrop remains mixed. U.S. jobless claims fell to 203,000, indicating labor-market stability, while inflation remains elevated, allowing the Federal Reserve to maintain a restrictive stance. Treasury yields firmed ahead of remarks by Fed Chair Kevin Warsh. Medium-term support for gold stems from fiscal and currency concerns, including Treasury’s expanded long-duration bond buybacks and the largest weekly inflow into gold-backed ETFs in ten months.
The preferred strategy remains buying dips rather than aggressively shorting the broader uptrend. Traders should watch $4,621 first, then the $4,577–$4,583 convergence zone. A recovery above $4,653 would improve the short-term outlook and reopen resistance at $4,703–$4,741.
