Gold Breakdown Accelerates: Key Support at 2950The daily chart for gold shows the Relative Strength Index (RSI) pulling back from near 80 (hit on Thursday) toward 50, suggesting that the recent drop is more than just a technical correction. Today’s opening saw gold gap down and extend Friday’s decline, raising the question: Will the daily chart see consecutive down days? The lower highs in the price structure indicate that after hitting the three-point resistance zone, a secondary bearish reversal could easily form, leading to further downside.
On the daily timeframe, gold has seen a sharp decline, with price now breaking below the short-term moving averages (MAs). These MAs are also starting to turn downward, signaling weakening momentum. Key support to watch is around 2950.
On the 4-hour chart, price has broken below the previous consolidation support zone, with candles consistently suppressed by short-term MAs, maintaining a strong bearish bias. Intraday, we’ll watch for any corrective rebound followed by a secondary decline. Short-term resistance sits near 3015.
After an early dip and minor rebound, lower timeframes show slight short-term strength, but the broader 4-hour downtrend resistance remains intact. Any bounce is merely a retest—if resistance holds, the downtrend will resume.
