21:05 UTC
Downtrend, momentum flattening · RSI 43 · price 4,006.28
Lower highs pressing flat support near 4000.
Gold has been in a downtrend since the February break from 5000, sliding to an eight-month low near 3959 in June and now coiling in a descending triangle below 4200. Price sits under both EMA20 and EMA50 with the last month compressing between the 3960 swing low and lower highs, and this week's softer USD helped a shallow bounce back toward 4070. The read stays heavy while price holds below 4100.
Support: 4,000.00, 3,960.00, 3,941.00
Resistance: 4,070.00, 4,100.00, 4,200.00
What it said to watch
- Daily close below 3960 swing low opens the path to the 3941 ytd low and sub-4000
- Close above 4100 breakout line invalidates the descending triangle read
- S&P Global PMIs Fri could materially shift this read
- Failure to hold the 4000 psych level confirms downside continuation