Market update
XAUUSD/M15
➤ After forming a Swing High around 4523, Gold is currently developing a short-term bearish correction. Price has already lost the 4500 area and is now testing the trendline support around 4490.
🎯 Today’s Scenario
- As long as buyers fail to reclaim 4500, I favor a further corrective extension toward 4478, followed by the 4461–4466 Range Low.
➤ Range Resistance: 4499–4500
➤ First Downside Target: 4478–4480
- 4461–4466 will be the key area to watch for buyer reaction. If price establishes a short-term bottom with clear bullish confirmation around this zone, a new recovery move could begin.
➤ Range Low: 4461–4466
- In that scenario, the recovery target would be the 4510–4513 M15 Supply Zone.
➤ M15 Supply Zone: 4510–4513
📌 Trading Bias: Below 4500 → Corrective Extension toward 4478 → 4461–4466. If buyers successfully defend the Range Low, we will then look for Buy setups targeting 4510–4513.
August 20, 2026 1.7K
