Gold extends its recent pullback as technical indicators signal further downside risk toward the $4,000 psychological level following a failed test of the 200-day moving average.
Gold is currently experiencing a technical breakdown after failing to maintain support above its 200-day moving average, which was situated in the $4,510–$4,540 range. Societe Generale analysts indicate that this failure has triggered a bearish trend, with the asset now drifting toward an interim target of $4,095 and potentially testing lower support levels near $3,940.
The next interim projection is $4,095, with critical multi-month support located between $3,940 and $3,960.
It serves as a key technical threshold; the failure to hold above this level ($4,510–$4,540) has confirmed the current bearish pullback.
Gold prices face renewed downward pressure after failing to sustain levels above the 200-day moving average. Societe Generale analysts warn that a breach of the $4,095 interim support level could trigger a further slide toward the $3,940–$3,960 range.
Societe Generale identifies an interim support level at $4,095, with a critical multi-month support range located between $3,940 and $3,960.