Gold breaks lower from descending channel
Gold stays vulnerable near March lows around 4,300, with bears retaining control as the breakdown below the key 200-day SMA stays in play. Can it reclaim the channel?
XM Group
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94 days ago
Overview: Gold is extending losses after breaking below a downward‑sloping channel, now trading beneath multi‑month lows near 4,300. The move follows a drop of over 3% in the previous session, which pushed price below the key 200‑day SMA reinforcing the bearish bias.
Momentum: MACD and RSI both indicate persistent downside pressure, although RSI nearing oversold territory may limit immediate follow‑through in the short term.
Bearish scenario: Failure to hold 4,300 could expose 4,200, with a further drop toward 4,100 – aligned with November lows – marking a full retracement of the March 2–23 move.
Risk: A move back inside the channel near 4,325 would weaken the current bearish structure.
XM Group
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