Analysts warn gold could slide toward $4,100 if it breaks below its 200-day moving average near $4,350.
Gold remains under pressure after failing to reclaim its 50-day moving average in March, signaling sustained downward momentum. The metal has erased the $4,500 level and now hinges on support near $4,350, where its 200-day moving average and a multi-year trendline converge.
A break below this cluster could trigger a deeper correction toward $4,100, while resistance looms near recent highs of $4,685 to $4,775. The persistence of the downtrend underscores caution among traders watching for a potential rebound or further declines.
Market focus remains on whether gold can stabilize above $4,353 to avoid testing lower support levels.