Gold sellers stay in control below MAs on the hourly and daily charts
Gold is trading lower today, although it has recovered from its session lows. The metal is currently down around $30 as rising U.S. Treasury yields and a stronger U.S. dollar continue to weigh on prices. The low for the day reached $4,136.70 before rebounding, while the high came in at $4,221.
From a technical perspective, gold remains under pressure. On the hourly chart, the price continues to trade below the falling 200-hour moving average, currently at $4,231.55. The 100-hour moving average sits higher at $4,254.65, and both averages are sloping downward, reinforcing the bearish bias. As long as the price remains below these key moving averages, sellers retain the near-term technical advantage.
A move back above the moving averages would shift attention toward the next key resistance zone between $4,350 and $4,375. Buyers would need to reclaim that area to wrestle more control away from sellers.
On the downside, Friday's low near $4,120 remains an important support level. A break below that level would open the door for a test of the June 10 low at $4,023.95.
Looking at the daily chart, gold fell below its 200-day moving average on June 5 and has remained beneath that key long-term indicator ever since. The 200-day moving average is currently at $4,443.34 and continues to rise. Notably, the break below the 200-day moving average was the first such breach since October 2023, highlighting the significance of the recent deterioration in the longer-term technical picture.
This article was written by Greg Michalowski at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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