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James Stanley: Gold steadies near $4700 after clean sell-off from resistance
Gold is stabilizing around $4700 following a decisive sell-off from its previous resistance level. Analyst James Stanley observes that while the initial drop was pronounced, price action has slowed as gold enters a region with notable support. Stanley highlights upcoming support levels at $4671, $4650, and $4600, pointing to recent defensive activity in these zones.
The recent retracement follows a decline of 26.8 percent from peak to trough, with James Stanley identifying $4500 and $4600 as important levels. In a previous pullback, gold ended a three-week sell-off streak after support held at $4100, closing just above unchanged for the week. Stanley highlighted the weekly doji candle formation during that period.
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