Gold Prices Hover Near $4,399 as Support Levels Loom

Gold prices have been trading near $4,399 after declining from the recent high of $4,509.10. The 15-minute chart shows a sequence of lower highs beneath a descending trendline, keeping short-term pressure on the market.

The current price is approaching important VC PMI support levels where the probability of mean reversion begins to increase.

According to VC PMI analysis, the daily mean is $4,443, which represents the primary equilibrium level. Gold is currently below this mean, maintaining a short-term bearish bias until $4,443 is reclaimed.

If buyers regain control and gold closes back above $4,443, the upside targets become Daily Sell 1 at $4,486, Weekly Sell 1 at $4,524, Daily Sell 2 at $4,552, and ultimately Weekly Sell 2 at $4,648.