Spot gold prices fall below the 200-day moving average at $4,415.51, signaling potential test of $4,098.74 support.
Gold prices extended losses today, dropping below the 200-day moving average at $4,415.51 for the first time since November 2023. The breach marks a critical technical breakdown, with sellers eyeing the March low of $4,098.74 as the next downside target.
The March low coincides with the 38.2% retracement level of the September 2022 rally at $4,079.35, separated by less than $20. A sustained break below these levels would reinforce a bearish trend, shifting control to sellers. Resistance now sits between $4,350 and $4,373, with the 100-hour moving average at $4,335 acting as an additional hurdle.
Traders are watching for signs of a rebound, but the hourly chart shows a bearish bias after yesterday’s failed corrective rally. A move above $4,373 would be needed to signal a potential recovery.