Spot gold falls $90 to test key support at $4,500 after failing to breach resistance near $4,760 and $4,600.
Gold prices dropped sharply today, erasing gains from earlier in the week as higher yields and a stronger USD pressured the metal. The decline accelerated after sellers pushed prices below the 200-hour moving average, with spot gold down $90, or 1.93%, to near $4,560. The session low reached $4,511.54, testing critical support between $4,500 and $4,512.
Earlier rallies stalled near $4,760, a level aligning with the 50% Fibonacci retracement of the March decline and the 100-day moving average. The failure to sustain gains above $4,600 reinforced bearish momentum, triggering renewed selling. Support at the 200-hour moving average initially slowed the decline but gave way yesterday.
Buyers emerged near $4,500 today, but a sustained break below this level could signal further downside. Resistance is now seen between $4,600 and $4,610, with technical indicators favoring sellers unless a rebound materializes.