From a technical perspective, Friday's breakdown below the 50-day Simple Moving Average (SMA) was seen as a fresh trigger for bearish traders against the backdrop of negative oscillators on the daily chart. Some follow-through selling below the $2,285 horizontal support will reaffirm the bearish outlook and drag the Gold price to the next relevant support near the $2,254-2,253 region. The downward trajectory could extend further towards the $2,225-2,220 area en route to the $2,200 round figure.
On the flip side, the $2,325 horizontal zone is likely to act as an immediate strong barrier ahead of the 50-day SMA support breakpoint, currently pegged near the $2,343-2,344 region. This is followed by the $2,360-2,362 supply zone, which if cleared should allow the Gold price to retest last week’s swing high, around the $2,387-2,388 area and reclaim the $2,400 mark. A sustained strength beyond the latter will negate any near-term negative bias and pave the way for a further appreciating move in the near term.
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