Gold prices remained under downward pressure during Wednesday’s trading session as U.S. Treasury yields stayed elevated and the U.S. dollar strengthened, weakening the safe-haven appeal of the precious metal despite positive signals surrounding a potential U.S.-Iran diplomatic resolution.

Spot gold fell 0.3% to $4,467.59 per ounce as of 02:33 GMT. Earlier in the session, the market touched its lowest level since late March, suggesting that the bearish trend remains dominant.

Technical Analysis: The Downtrend Is Not Over Yet

Current price action shows that sellers remain firmly in control of gold’s short-term trend. The bearish scenario continues to unfold in line with the previously anticipated structure.

In this scenario, gold is currently moving within a corrective phase from white wave a down to white wave b, following a yellow (a) – (b) – (c) structure. Within this structure, wave (c) is still unfolding, with the internal formation following the “Million-Dollar Model No. 2.”

If selling pressure continues, gold prices may decline further toward the $4,000 – $4,430 per ounce range. This is considered an important support zone for the medium-term trend and may act as the next area where strong selling pressure could be absorbed.

After white wave b is completed, the market may open the way for a new bullish cycle toward wave c. However, investors should still wait for clearer confirmation signals before considering new long positions.

Conclusion

Gold’s short-term trend remains tilted to the downside as macro factors such as high interest rates and a stronger U.S. dollar continue to pressure the market. In this context, investors should prioritize risk management and closely monitor price reactions around key support zones before making their next trading decisions.

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