Gold Price Forecast: Support Breakdown Deepens Bearish Pressure - FXEmpire

AI desk brief

Gold’s near-term technical backdrop has turned more bearish after Monday’s break below support at $4,235 and the 61.8% Fibonacci retracement, with follow-through selling also pushing through the next support cluster around $4,203. The article says the 50-day moving average has flipped from support to resistance, with the broader bearish bias intact unless gold can reclaim and hold above roughly $4,321.

Immediate downside focus shifts to the 78.6% retracement area near Monday’s low at $4,111. Any rebound is framed as a potential rally-to-sell setup, with prior support levels now likely to cap recoveries.