From a technical perspective, the overnight breakdown through the $3,260 resistance-turned-support and the subsequent slide below the $3,300 mark on Friday favors the XAU/USD bears. However, oscillators on the daily chart – though they have been losing traction – are yet to confirm the negative bias. This, in turn, warrants some caution before positioning for deeper losses and suggests that the Gold price could find some support near the $3,265-3,264 horizontal zone. Some follow-through selling, however, should pave the way for a fall towards the $3,223-3,222 intermediate support en route to last week's swing low, around the $3,200 neighborhood.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.