Asia stocks climb tracking Wall St rally; Nikkei hits record high, China GDP beats
Gold is in a strong decline as expected, it even accelerated down within the third leg down after breaking below the 5000 level in the last two weeks, and then stabilized just above the 4k level.
However, since we only have three waves down so far, with an extended wave three, we should still be aware of more weakness after the current wave four rebound.
In that case, 4500-4700 could act as near-term resistance for this bounce and potential turn down as the market trades below the channel resistance line, near 4800.
On the downside, the next important support for this whole wave C comes in around 3890, which is the swing low from October 2025. That area could be an attractive zone for potential stabilization, especially as then gold would be down close to 30% from its all time highs.