Gold Price Forecast: Key Support Holds as Downside Risk Builds - FXEmpire

AI desk brief

Gold is holding a key $4,254–$4,282 support band for now, but the tone remains bearish after failure to sustain gains above the downtrend line and 200-day moving average. Tuesday’s range was $4,261–$4,317, with the 50-day MA at $4,272 and the 61.8% retracement at $4,264 making the current zone the first major test of the August bullish reversal.

If support breaks, the next downside levels cited are $4,203 and the 78.6% retracement at $4,146, with a sustained move below that zone raising the risk of a decline toward the July low at $3,942. A successful hold here and rebound would be the first sign that momentum is turning back up.