Gold buyers are beginning to push back, but they still have work to do before wresting control from the sellers.
Since peaking near $4,890.96 on April 17, gold has been in a steady downtrend, with corrective moves along the way. The decline pushed the price below both its 100-day (currently at $4667.04) and 200-day moving averages (currently at $4458.36) and to its lowest level since November 5, 2025, keeping the longer-term technical bias firmly in favor of the sellers.
From a shorter-term perspective, however, the buyers are showing signs of life. Gold established a new cycle low on Tuesday at $3,942.43, breaking below the June 25 low of $3,962.09. During today’s session, the price dipped to $3,960.19—just beneath that previous swing low—before attracting fresh buying interest.
That rebound has carried the price above both the 100-hour moving average at $4,027.29 and the 200-hour moving average at $4,070.75. The market is now attempting to hold above the 200-hour moving average, an important test of whether buyers can build on today’s recovery.
If buyers can defend that support and extend the rally above today’s high at $4,115.67, it could trigger another wave of short covering and shift near-term momentum further in their favor. However, if the price slips back below the 200-hour moving average, attention will quickly turn to the 100-hour moving average. A break below that level would suggest today’s rally was merely a corrective bounce and would hand control back to the sellers.
