From a technical perspective, looking at the 4-hour chart, gold is forming a downtrend, trading below all moving averages and confirming the dominance of sellers in the medium-term technical outlook. The 200-period SMA around $5070 is currently acting as a major resistance level.

The Relative Strength Index (RSI) is in negative territory, indicating that bearish sentiment persists.

In the event of a price recovery, a confident breakout above the 200-period SMA near $5070 would open the way for a test of the 100-period SMA around $5160. A consolidation above these barriers would signal a weakening of selling pressure and could trigger further upward movement toward the $5200 level.

If selling pressure intensifies, initial support is located at Monday's low around $4967. A break below this level would signal further decline, with targets at $4850 and $4650, where stronger buying interest may emerge.