Gold is under heavy selling pressure, falling $143, or 3.2%, to $4,333.
The sharp decline has pushed the price below its 200-hour moving average for the first time since October 2023, a development that shifts the near-term technical bias more firmly in favor of the sellers
The move lower also broke below the 50% retracement of the rally from the May 15 consolidation low at $4,359.86. While it is important to note that the 200-hour moving average has steadily risen along with gold’s longer-term uptrend—sitting near $1,900 back in October 2023—the significance lies in the fact that the level had consistently acted as support during recent pullbacks. Most notably, buyers leaned against the moving average on March 25 and again on May 27 before launching fresh advances.
Gold reached a record high of $5,598.75 on January 28. Since then, the metal has declined 22.95%, highlighting the extent of the current correction. Despite today’s weakness, the March low at $4,067 remains an important downside target and a key barometer for sellers.