Gold now sits at $4,499.73 on 2h chart after recent red candle engulfment pushed price below the blue trend channel floor near $4,512. The red 50-period MA is now located just below this key support zone as well as the $4,523 pivot. Price has now fully broken down the channel floor.

Price action is still trending bearish from the $4,600 range high, where distribution is accelerating in a series of lower lows that have not been invalidated yet. The next targets are in the Fib extension zone at $4,484 to $4,453. Relative strength index (RSI) has recently broken down through the 45 level. No oversold rebound has occurred to confirm trend reversal.

Volume profile marks $4,538 to $4,546 as failed fair value with sellers dominating. The white trend line is a descending channel which may cap any recovery near $4,573. Structure has remained bearish below the $4,523 pivot zone and price has moved down the trend inside the channel from the highs in May.

Trade Idea: Sell $4,499 with a target for $4,453, and a stop for $4,523.

Silver Spot Dips to $76.59 After Trendline Support Test