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On Monday, intraday declines pushed gold prices below the 3365 level, but oscillators on the daily chart have not yet started to gain negative momentum. This suggests that the precious metal may find support at 3350 or at the 50-day SMA. However, a decisive break below this level would become a new trigger for sellers, making XAU/USD vulnerable to an accelerated drop toward the intermediate support level at 3315, on the way to the key 3300 level.
On the other hand, the 3400 level remains a strong barrier that will limit any recovery attempts. However, subsequent buying beyond this level and above last week's high in the 3409–3410 level would invalidate the bearish outlook, pushing prices toward the next significant barrier at 3435. Sustained gains beyond that point could pave the way toward retesting the all-time high near the psychological 3500 level, reached in April.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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