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Gold broke down from a rising (bearish) wedge on Tuesday and moved lower, testing key support levels as momentum shifted toward the downside. The move increases the risk of a deeper correction toward lower channel support zones.
After the breakdown, gold tested support around the 20-day moving average. The session low reached $4,697. The support zone was reinforced by multiple overlapping levels: the wedge’s lower boundary line, Monday’s low at $4,737, the 100-day moving average at $4,730, and the top trendline of a rising channel.
The breakdown is described as an initial bearish trigger that would be confirmed by a daily close below $4,737. This would mark a shift from a short-term bullish structure to emerging weakness.
Further bearish confirmation would come with a sustained decline below the 20-day moving average near $4,693. An interim higher swing low is identified at $4,640. A move below that level would signal a bearish reversal from price structure and further confirm a failure of support at both the 100-day and 20-day moving averages.
If that occurs, the article projects increased bearish momentum, with lower support targets in an approximate $4,284 to $4,231 zone. This range is linked to the midline of a rising channel and is noted as having marked support during the sharp bearish correction in March.
It also notes that the rising 200-day moving average is approaching the channel midline and could rise above it before price reaches that area if gold continues lower.
The near-term bearish signal is presented as the first sign that recent breakouts above major long-term indicators—specifically the 100-day moving average and the top channel line—may fail. If further confirmed, it could lead to another sharp decline to test additional support levels.
Following a reversal signal below $4,640, the article says gold would likely first move toward a support zone around $4,351. That level is described as having acted as both support and resistance over the past six months, with price behavior there expected to influence whether a deeper correction is warranted.
The article points to an upside objective being met last Friday, when gold reached a high of $4,890. This was characterized as a successful test of resistance near the 50-day moving average, which sits just below the 61.8% Fibonacci retracement at $4,901.
Because the 50-day average had been reclaimed in August and functioned as dynamic support for the bull trend until it broke in mid-March, the Friday high is described as completing a first swing back to test that level as resistance. With the recent breakdown already triggered, the article suggests the larger bearish correction may be positioned to resume.
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