Gold prices held steady in early Asian trading on Tuesday, consolidating below the psychologically important $4,115 per ounce level. The precious metal finds itself in a medium-term bearish consolidation zone according to Swissquote Bank analyst Ipek Ozkardeskaya, who notes this represents the major 38.2% Fibonacci retracement of the October 2023-January 2026 rally.

The technical breakdown suggests bears may push toward $3,680 an ounce as the next key support level. Spot gold traded flat at $4,008.01 in early action, reflecting market uncertainty about the metal's near-term trajectory. Fibonacci levels often act as magnets for price action, making this zone critical for determining gold's next move.

Despite the bearish technical setup, Ozkardeskaya maintains gold remains attractive for long-term investors. Central banks have been selling portions of their gold reserves to offset energy price increases, creating future demand as these institutions eventually need to rebuild holdings. This structural support could underpin prices even if tactical selling pressure continues.

The consolidation phase highlights gold's struggle to maintain momentum after its multi-year rally. With central bank demand set to return and energy markets still volatile, the metal may find support sooner than the technical framework suggests.