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On Thursday, gold (XAU/USD) continues to remain under selling pressure.
From a technical perspective, the XAU/USD pair maintains a short-term bearish bias, remaining within a descending channel and trading below the 200-day moving average. The Relative Strength Index (RSI) remains near the 35 mark, signaling weak demand. At the same time, the MACD indicator remains in negative territory, indicating the dominance of downward momentum.
Under current conditions, the price may test support located near the $4,350 level, further confirming the break below the important 200-day moving average. A confident consolidation below this area would open the way for a deeper correction within the broader downward phase.
On the other hand, recovery attempts may encounter initial resistance near the $4,450–4,480 level. An upward breakout would allow the price to reach the 20-day SMA around $4,580, followed by the 50-day moving average in the $4,630–4,650 range, which acts as a stronger supply zone.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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