Gold has broken below the 200-bar moving average on the 4-hour chart, signaling a potential shift in momentum following its recent highs.The last few attempts of that rising MA (see green line on the chart above) found sellers
A close – and staying below this key trend-defining level – would confirm weakening bullish control and open the door for deeper corrective movement.
The next downside targets include:
-
$3167.74 – the swing high from April 3> The low has reached $3173.85 so far
-
$3139 – the underside of the broken ascending channel trendline
-
$3129.26 – the 38.2% Fibonacci retracement of the rally from the November swing low
These levels represent key technical checkpoints where buyers may attempt to regroup
Gold Technical Analysis – Price breaks below 200-bar MA on 4H as momentum shifts lower