XAU USD Daily Analysis: Gold Breaks Last Week’s Low as Traders Watch 200-Day Moving Average
Gold traded around a major short-term decision point of interest as traders observed how the most recent rebound could hold below resistance. XAUUSD traded roughly $4,573 on the H1 chart and has just recovered from lower levels. Meanwhile, Gold continues to face a bearish setup under the 4,590 zone. New charts by analysts on X revealed that there was pressure over a range of timelines. CyclesFan identified a loss of the low last week, Mohammad Sami traced downside projections, and Sensei Tutum mapped a broader structure of corrective action that is yet to be completed. Gold Breaks Last Weeks Low CyclesFan said that last week, gold broke the low of the week before, keeping the focus on the 200-day moving average. His chart put the 200-day moving average at the point of $4,283, which he termed as the lowest target since the last weakness. The daily chart revealed gold trading below the middle Bollinger Band following the loss of momentum that it had experienced in the first-quarter highs. Price remained above the 200-day moving average, and the bottom Bollinger Band was closer to the overall supporting area. Interestingly, the CyclesFan chart noted that below the 200-day moving average would open a retest of the March low