Gold bulls need to wait for a breakout above the key resistance at the 200-period SMA on the H4 chart.

1. From a technical perspective, overnight on the 4-hour chart failed to successfully break through the 200-period Simple Moving Average (SMA), currently around $4,830, which calls for caution among bullish traders. Although the subsequent decline stalled ahead of the 50% retracement level of the March drop at $4,760, the prudent approach would be to wait for the price to further break below the $4,760 support zone before considering establishing additional bearish positions.2. Meanwhile, momentum indicators are showing mixed signals: the Relative Strength Index (RSI) hovers near the neutral level of 50, while the Moving Average Convergence Divergence (MACD) has further slipped below the zero line and maintained a negative value. This suggests bears currently hold a tactical advantage, unless gold prices can reclaim the key resistance at the 200-period SMA (around $4,830). Above that, there is an even stronger Fibonacci resistance near the 61.8% retracement level at $4,915. Only a sustained breakthrough of these barriers could alleviate the current bearish tone and open the upside channel towards $5,130 and $5,419.3. On the downside, initial support is located at the 50.0% retracement level of $4,760. If this level is broken, it will expose the next Fibonacci support at $4,604, followed by $4,411. At these positions, bulls are expected to become more aggressive in defending the broader upward trend structure.