August gold futures retreated after failing to hold above $4,119, shifting focus to key support near $4,084-$4,087.
Gold futures opened the week with a rally to $4,119 but reversed course as buyers lost momentum, pushing prices toward a critical support range. The decline follows an initial advance from $4,086 to $4,119.30, before sellers regained control and drove prices back toward $4,087-$4,089.
The broader recovery from last week’s low near $4,024 remains intact, but the inability to sustain levels above $4,100 signals a shift in sentiment. Analysts note that a break below $4,084 would confirm further downside, while a rebound above $4,108 could restore bullish momentum toward $4,116-$4,123.
Trading activity has settled into a decision zone, with directional clarity dependent on whether support or resistance levels hold. The market’s next move will hinge on acceptance below $4,084 or a recovery above $4,108.