Gold Price Forecast: Key Support Tested as Range Tightens - FXEmpire

AI desk brief

Gold is testing a key support zone after a six-day low at $4,324, with the 78.6% Fibonacci retracement at $4,331 and the lower rising trendline both under pressure. If that support fails, the next downside levels are the 50-day moving average near $4,266 and the prior swing low at $4,282; above, resistance sits at the 200-day moving average near $4,539.

The broader structure remains constructive after the August breakout above the 50-day moving average triggered a sharp 15% rally to $4,697. The article frames the current pullback as a normal consolidation within a developing uptrend, but the first test of reclaimed support will be an important gauge of whether the bullish reversal remains intact.