Gold Price Prepares to Break Our Target Level

Gold price recorded new losses at the start of the trading week, declining toward the $4,500 support level in preparation for a possible break. This level was a price target in our earlier analyses, reflecting the continued strength of selling pressure and the dominance of the short-term bearish corrective trend.

This decline comes as the price remains below EMA50, which continues to exert negative, dynamic pressure, reinforcing the current bearish outlook. This is especially evident after the price succeeded in easing part of the oversold condition