Gold Selloff Deepens: Technical Breakdown And Rising Oil Prices Accelerate Bearish Momentum
Gold prices extended losses in the Asian session as rising oil prices fueled inflation concerns and weakened market sentiment. A technical breakdown below key moving averages on the H4 chart has accelerated bearish momentum. Traders are now eyeing a potential downside target at $4601, with resistance expected between $4650 and $4700 if a relief rally occurs. Market focus remains on developments in U.S.-Iran relations, which could influence broader commodity trends.
- ▪Gold prices declined during the Asian trading session amid rising oil prices and heightened inflation concerns.
- ▪Technical indicators show a bearish breakdown, with gold falling below both the 100- and 200-period moving averages on the H4 chart.
- ▪The next major downside target for gold sellers is the $4601 support level.
- ▪Resistance for any short-term rebound is expected between $4650 and $4700.
- ▪Market sentiment is being influenced by ongoing speculation about a potential U.S.-Iran deal.
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