Key facts
- Gold prices fell $143, or 3.2%, to $4,333.
- The price broke below its 200-hour moving average, a level that previously acted as support.
- Gold also fell below the 50% retracement of the rally from the May 15 consolidation low.
- The metal has declined 22.95% from its January 28 record high of $5,598.75.
- The March low at $4,067 remains a key downside target.
Gold is experiencing heavy selling pressure, with prices dropping $143, or 3.2%, to $4,333. This sharp decline has pushed the price below its 200-hour moving average for the first time since October 2023, signaling a shift in the near-term technical bias towards sellers. The move also broke below the 50% retracement of the rally from the May 15 consolidation low at $4,359.86. The 200-hour moving average, which had consistently acted as support, has risen significantly since October 2023. Gold reached a record high of $5,598.75 on January 28, but has since declined 22.95%, indicating a substantial correction. The March low at $4,067 remains an important downside target, with the 61.8% retracement of the advance from the May 15 low also serving as a potential support level. With key technical levels broken, sellers have gained near-term control.