Published: 6 February 2026,03:05
Chart The Market
XAUUSD, D1:
Gold prices have undergone a significant technical deterioration, having decisively broken their prior uptrend structure and entered a pronounced corrective phase. A subsequent attempt to recover was firmly rejected below the critical 61.8% Fibonacci retracement level of $5,135.00, an action that validated the newly established downtrend trajectory and confirmed the presence of sustained selling pressure.
However, the metal’s decline has found a notable floor above the $4,690.00 support level, where buying interest has emerged to halt the slide. This development has placed the market at a pivotal technical inflection point, caught between a clear bearish structure and a potentially stabilizing base of support.
The immediate future hinges on the resolution of this equilibrium. A conclusive breakdown below the $4,690.00 support would signal that the corrective phase retains its momentum, likely precipitating an accelerated decline toward lower price targets. Conversely, a breakout above the upper boundary of the current downtrend channel would serve as the first substantive signal of a potential trend reversal, suggesting that the wave of selling has exhausted itself and that a period of stabilization or recovery may be commencing.
Resistance Levels: 4860.55, 4998.00
Support Levels: 4690.60, 4500.00
USDJPY, H4
The USDJPY pair has confirmed a significant technical development by decisively breaking above and closing the price gap created during a prior sharp sell-off. This successful gap fill and breakout have established a clear bullish structural bias, indicating that the prior decline has been fully negated and buyer control has been reasserted.
Following this advance, the pair’s upward momentum has naturally moderated, increasing the likelihood of a near-term technical retracement. The critical level to monitor during any such pullback is the upper boundary of the recently filled gap. A successful defense of this level, with price finding support and stabilizing above it, would constitute a classic bullish confirmation. It would demonstrate that the breakout level has transitioned into a new support base, thereby affirming the continuity of the newly established bullish trajectory.
Momentum indicators reflect this shift from an impulsive advance to a consolidative phase. The Relative Strength Index has retreated from overbought territory, signaling a reduction in near-term buying pressure. Meanwhile, the Moving Average Convergence Divergence indicator, while still positive, is showing signs of convergence, suggesting the pace of the uptrend is moderating as the market digests recent gains.
Resistance Levels: 157.70, 159.40
Support Levels:156.40, 154.65
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