GOLD – Downtrend Resumes After Brief Recovery, Key Supports Back in Focus

Gold remains under pressure for a third consecutive session and is on track to post its third straight weekly loss, weighed down by renewed strength in the U.S. dollar and the Federal Reserve’s increasingly hawkish policy outlook.

The recovery from the key $4,000 support zone, after the metal posted a new 2026 low at $4,023 on June 11, lost momentum beneath the important Fibonacci resistance at $4,354 (38.2% retracement of the $4,889–$4,023 decline). Repeated failures to secure a close above this barrier ultimately resulted in a bull trap and paved the way for a fresh wave of selling.

The post-Fed selloff confirmed the end of the corrective phase and shifted the near-term bias back to the downside. The latest decline has already retraced more than 61.8% of the $4,023–$4,382 recovery leg, while the metal is set to record a second consecutive weekly close below the lower boundary of its bearish channel after only briefly re-entering the formation.

The broader technical picture remains firmly bearish. Daily indicators continue to deteriorate, with the recent bearish crossover between the 30-day and 200-day moving averages adding to downside pressure and reinforcing expectations for a renewed test of the broken Fibonacci support at $4,077 (38.2% retracement of the broader $1,616–$5,598 advance).

A sustained move below this level would expose the rising weekly cloud top at $4,058, which serves as the last significant barrier ahead of the psychological $4,000 support zone.

The Federal Reserve’s hawkish rate outlook is likely to keep gold on the defensive in the near term. However, bears will need a decisive break below the key $4,100–$4,000 support region to generate a stronger bearish continuation signal and open the door for deeper losses.

Res: 4213; 4251; 4354; 4382
Sup: 4077; 4058; 4023; 4000