Gold is falling sharply and holding just above the 4,300 level after sellers pushed the metal back from resistance near 4,356. Momentum readings point to a neutral-to-bearish tone, and a break of nearby support could send prices toward the 4,235–4,253 zone.
Gold is falling aggressively today, holding a tad above the 4,300 round number, according to a technical analysis published by Investing.com. The metal met strong resistance near a short-term descending trend line and the 20-period moving average at 4,356 on the four-hour chart.
The pullback comes as momentum turns softer. The RSI is diving below 50 while the MACD flattens near the zero line, pointing to a neutral-to-bearish tone in the near term.
A break below the very short-term uptrend line near the 4,290 support would mark a further loss of momentum. That scenario could send the metal back toward the 4,235–4,253 support zone.
The bearish case is not guaranteed, however. A decisive move beyond the 4,320 barrier could cancel the outlook for new lows.
Source: Investing.com
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