Gold is trading around $5,056 on the 4-hour chart, staying above the key $5,000 level after bouncing from the $4,540 low. The price is within the 0.382 ($4,854) to 0.618 ($5,138) Fibonacci retracement zone, which suggests a steady recovery instead of a full reversal.
Recent candlesticks have tight bodies and small pullbacks, showing steady demand near $4,996, where the 50-period moving average acts as support. A downward trendline from the $5,598 high is still present, keeping pressure near the $5,138 resistance. If price breaks above $5,138, it could move toward $5,303. If it falls below $4,855, attention may turn back to $4,680.
Trade idea: Consider buying if price moves above $5,140, with a stop below $4,855 and a target of $5,300.